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Press releases of OCI Holdings

2024.01.15
OCI Group and Hanmi Pharmaceutical Group synergy merger creates win-win management system

OCI Group and Hanmi Pharmaceutical Group synergy merger creates win-win management system
 

- OCI Holdings acquire 27.0% stake in Hanmi Science

- Hanmi key shareholders acquire 10.4% stake in OCI

- Co-management with Chairman Woo Hyun Lee and CEO Ju-Hyun Lim each maintaining their representative positions and establishment of a joint board of directors

 

OCI Holdings (“OCI”), a leading global green energy and chemical company, and Hanmi Pharmaceutical Group (“Hanmi”), an R&D-focused company specializing in new medicine, have merged to grow their respective markets and global competitiveness. Both companies are headquartered in Seoul, South Korea. 

OCI and Hanmi entered into an agreement to merge the two companies on January 12, 2024. The merger, approved by both companies’ Boards of Directors, was effectuated through an in-kind investment from each company and acquisition of new stock issuance.

Under the merger agreement, OCI Holdings will acquire a 27.0% stake in Hanmi Science (18.6% for old shares and in-kind investment, 8.4% for new share issuance) and principal shareholders of Hanmi Science, including Ju-Hyun Lim, will acquire a 10.4% stake in OCI.

OCI will form a joint Board of Directors by appointing two internal directors, including one CEO from each of the merged companies: Those CEOs will be respectively OCI Chairman Woo Hyun Lee and Hanmi President Ju-Hyun Lim.  Once the in-kind investment and issuance of new shares by both groups are completed, the two groups will be substantially integrated into one corporate group. The integrated group will undergo reorganization and move forward as a global top-tier company by strengthening its competitiveness along two pillars: OCI’s advanced materials and renewable energy businesses, and Hanmi’s pharmaceutical and medical technology businesses. In this regard, Hanmi will be positioned to grow further by leveraging OCI’s extensive global network. 

An official from OCI said, “With this merger, both groups achieve integration of business and management through the advancement of board-centered governance structure, further strengthening expertise in each sector and providing a strong driving force for new business promotion. We expect we will be able to protect the interests of all shareholders and employees.”

Numerous global companies have emerged as top-tier companies through various business integration; the combination of OCI and Hanmi is also expected to be groundbreaking in further enhancing Korea's industrial competitiveness.

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