After the plans to integrate Hanmi Group with OCI Holdings fell through, Hanmi officials withdrew from their nominations as internal directors at OCI Holdings.

This development came ahead of OCI Holdings’ annual shareholders' general meeting on Friday, signaling a significant shift in the relationship between the two conglomerates.

The merger, pushed by Hanmi Science to create synergies, was ultimately canceled following decisive opposition from Coree Group Chairman Lim Jong-yoon and Hanmi Fine Chemical CEO Lim Jong-hoon, sons of the Hanmi founder, during the Hanmi Sciences Holdings' annual shareholder meeting on Thursday.

This meeting resulted in the election of five board members aligned with the opposition faction, sidelining Hanmi Science Vice-Chairman Lim Joo-hyun and OCI Holdings Chairman Lee Woo-hyun, who had been key figures in advocating for the merger.

Following Hanmi’s shareholder meeting, OCI Holdings issued a statement, acknowledging the shareholders' decision and formally announcing the discontinuation of the merger efforts. This statement also conveyed OCI Holdings' wishes for the future success of the Hanmi Pharmaceutical Group.

After the OCI Holdings shareholder meeting, OCI Chairman Lee Woo-hyun talked with reporters about the merger plans being scrapped.

When asked if there were plans to claim damages against Hanmi Science, Chairman Lee said, "It's not a matter worth that at all. If the shareholders of Hanmi Science think differently, it's not something that can be forced.”

Acknowledging his side's shortcomings in explaining the merger to shareholders, Lee stressed that OCI Group will look at other opportunities to expand into the pharmaceutical industry.

Regarding the possibility of re-pursuing integration with the Hanmi Pharmaceutical Group under different conditions, which Lim Jong-yoon had propositioned a day earlier, Lee drew a line, saying, "It seems difficult to push for any form of cooperation with Hanmi again, and since there are conditions approved by the board of OCI Holdings, it will be difficult to enter any sort of cooperation unless those are met."

Lee also opened up about the personnel exchange between Hanmi Group and OCI Group, which was premised on the integration of the two companies, with OCI Holdings CEO Seo Jin-seok serving as an in-house director of Hanmi Pharmaceutical, and Online Pharm CEO Woo Gi-seok, which is an affiliate of Hanmi Group, being appointed as the co-CEO of Bukwang Pharmaceutical, a subsidiary of OCI Group.

While Lee stressed Seo would have to resign from Hanmi’s director role, regarding Woo, Lee he expressed that he is a very welcome figure within the company.

“Even if he leaves, we would want to hold onto him as he is the best manager to enhance the sales capabilities that Bukwang Pharmaceutical lacks,” Lee said.

When asked about his feelings on being alone at the Hanmi Science general meeting of shareholders the day before as Hanmi Science Chairman Song Young-sook and Vice-Chairman Lim Joo-hyun did not appear during the whole event, he said, "It was a bit odd that the two were not present at the meeting, but I thought I had to go because it was the right thing to do."

Lee added that Chairman Song and Vice Chairman Lim must not have been feeling well as the two had been under a lot of pressure recently and stressed that he hopes that the Hanmi family can bury the hatchet and resolve the issue peacefully.

Regarding plans to acquire additional pharmaceutical companies within the year, Chairman Lee declined to comment stating that "It's not like contracts can be produced like vending machines.”