Hugel, a medical aesthetic company, said Friday that the Ministry of Trade, Industry and Energy (MOTIE) has approved its cross-border merger and acquisition (M&A) in the form of changes in its largest shareholder.

On Aug. 24, the company announced that Leguh Issuer Designated Activity Company, its largest shareholder, had signed an agreement to transfer 5,355,651 shares, which accounts for 42.895 percent of the total issued shares, and convertible bonds to Aphrodite Acquisition Holdings.

The contract changes the company's largest shareholder to Aphrodite Acquisition Holding.

Hugel's botulinum toxin manufacturing technology is designated as a national core technology. Based on the Industrial Technology Drain Prevention and Protection Act, a company requires separate government approval when exporting a national core technology or when a company possessing a national core technology is subject to cross-border M&A.

According to Hugel, MOTIE has decided to approve as the company has been complying with the national core technology protection measures and will continue to make every effort to protect industrial competitiveness in the future.

"Hugel is about to take off as a truly global company that covers 95 percent of the global botulinum toxin market," a company official said. "We will write a new history in the global medical aesthetic market by faithfully protecting industrial technology, which is the core of the company's competitiveness."

Despite the news of the M&A approval, the company's share price remains steady. As of 10:30 a.m., the company's share price stood at 151,300 won ($127), down 0.72 percent from the previous trading day.