Hanmi Science, the holding company of Hanmi Pharm, announced a significant restructuring, welcoming OCI Group as its major shareholder and establishing a joint management system.

The move, made public on Saturday last week, was a surprise to many, including Hanmi Pharm CEO Lim Jong-yoon, who expressed regret and confusion over the decision.

The restructuring involves a stock swap between Hanmi Science and OCI Holdings, the holding company of OCI Group. This decision, unanimously agreed upon by the board members of Hanmi Science, was not communicated to Lim, raising concerns and confusion within the group.

Lim, the eldest son of the late Lim Sung-ki, founder of Hanmi Pharm, has held various executive roles within the group and currently leads his personal company, Coree Group. He is also the major shareholder of Dx&Vx, a molecular diagnostics company. 

In response to Lim's concerns, Hanmi Science has stated that it will communicate with him regarding the purpose and direction of this integration. The group emphasized that the integration process was a unanimous decision by the board of Hanmi Science and that Lim, while a director at Hanmi Pharm, is not a member of the Hanmi Science board.

OCI Group, on the other hand, plans to establish a joint holding company with Hanmi Pharm, anticipating synergies, particularly in the pharmaceutical, advanced materials, and renewable energy sectors.

This integration is expected to leverage Hanmi's global pharmaceutical and biotech activities and OCI's extensive global network, including markets in the U.S., Southeast Asia, and Japan.

It also aims to bolster Hanmi Science's R&D capabilities in new drug development as the funding obtained through this equity transaction will also enable the Hanmi Pharm owner family to repay some of the stock-secured loans in the first half of the year.

The transaction details reveal that OCI Holdings will acquire a 27 percent stake in Hanmi Science, while key shareholders of Hanmi Science, including President Lim Joo-hyun, will acquire a 10.4 percent stake in OCI Holdings.

The completion of these transactions is contingent upon the approval of corporate combination inspections and other preconditions agreed upon by both parties.

This integration also brings Hanmi Group and Bukwang Pharmaceutical, which became a subsidiary of OCI Holdings in 2022, under the same umbrella.

OCI Holdings Chairman Lee Woo-hyun took over as the CEO of Bukwang Pharmaceutical last year.

OCI Holdings stated that this integration will enhance the expertise of each division and create a strong impetus for new business ventures while protecting the interests of all stakeholders, including shareholders and employees, of both groups.