[THE INVESTOR] Shareholders of Ildong Pharmaceutical agreed on June 24 to transform the firm into a holding company with four entities under its wing.
In its second attempt to become a holding firm, the Korean drug maker successfully gained approval to spin-off its four units as new entities, aiming to boost transparency of it corporate governance structure and stabilize management rights.
“Through the spin-off, we will efficiently allocate resources business sectors and promote business activities in accordance with each firms’ purpose,” Ildong Pharmaceutical chairman and CEO Lee Jung-chi said.
The firm is expected to be separated into two entities -- Ildong Pharmaceutical and Ildong Holdings -- each responsible for business operations and investment.
The new spin-off entity, Ildong Pharmaceutical, will be separated again into three new entities -- tentatively called Ildong Pharmaceutical in charge of medicines, Ildong Bio Science responsible for bio and health supplement business and Ildong Hyal Tech for Hyaluronic acid and facial filler.
koreaherald@heraldcorp.com
