Celltrion's shareholders' meeting on Tuesday started out rough, with angry shareholders shouting for Celltrion Vice Chairman Kee Woo-sung's resignation.

Celltrion Group Honorary Chairman Seo Jung-jin apologized to shareholders during the company's shareholders' meeting on Tuesday. (Credit: Celltrion)
Celltrion Group Honorary Chairman Seo Jung-jin apologized to shareholders during the company's shareholders' meeting on Tuesday. (Credit: Celltrion)

The stock prices of the three affiliates have been on a downward trend since reaching their highest on Dec. 30, 2020.

Celltrion was trading at 155,000 won at 10:48 a.m., down 2.21 percent from the previous day. 

The  shareholders' shouts did not calm down even after it was time to commence the shareholders' meeting.

Then, Celltrion Group Honorary Chairman Seo Jung-jin stepped in and apologized to annoyed shareholders for the company’s poor stock performance.

"On behalf of Celltrion Group and the entire management team, let me start by saying that I apologize to shareholders," Seo said.

However, a shareholders' meeting is actually a time for the company to get together with shareholders and hear criticism about what it has done wrong and hear opinions from shareholders, he said. 

"It's also a time to explain what the company is going to do in the future," Seo said. "It's not a place for shareholders to argue with each other and express anger."

While Seo's comment had some effect in calming down investors, some investors still expressed their anger, which postponed the opening of Celltrion Group's shareholders' meeting.

Seo explained that he has not yet been appointed as director and co-chairman of the board of directors, and thus, he is not qualified to chair the board.

However, Seo promised shareholders that he would answer every shareholder's question during a Q&A session after he was appointed as the director and co-chairman of the board of directors during the shareholders' meeting.

Celltrion Honorary Chairman Seo Jeong-jin explains about his return to management at Celltrion's press room on Tuesday. 

After his speech, Seo visited the press room to speak with reporters and stressed that he would retake his role as a global salesman for the company. 

Seo said he decided to return to work because he could not stand by after watching the capital markets freezing due to the ongoing global recession,.

"When a typhoon blows, an experienced captain should be at the helm," Seo said to reporters. "As the group's leader, I will help the company overcome the crisis."

Seo stressed that crises are like opportunities and explained that he will work hard to overcome the crisis and make immediate decisions when opportunities arise.

"Someone with high credibility should jump in directly," Seo said. "If the most powerful person works harder, the company will do better."

Seo also provided a timeline for a three-way merger between the major affiliates —Celltrion, Celltrion Healthcare, and Celltrion Pharm.

In July this year, the administrative process for the merger of the three companies will be completed, he said.

However, the company plans to proceed with the merger depending on the financial market environment after the process, he added. 

Seo also commented on the recent report about the possible acquisition of Baxter Biopharma Solution.

Reuters recently reported Celltrion and Thermo Fisher are reportedly vying to acquire the biopharma solutions unit of Baxter International.

"Celltrion has cash on hand, but we will use the first half of the year observing the market," Seo said. "We probably won't make a move until later in the year."

However, Seo did not comment on whether the move will be about acquiring Baxter Biopharma Solution.

 

 

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