Korean group to hold 65% stake in leading Vietnamese pharma firm Imexpharm

By Thien Ky, Minh Hue
Wed, December 27, 2023 | 4:38 pm GMT+7

Vietnam’s leading pharma firm Imexpharm has approved the transfer of shares from its existing shareholders to South Korea’s SK Vina III without a public offering.

This will allow SK Vina III to increase its current ownership from 64.83% to more than 65% with the transfer ratio estimated at 0.2% or more.

The transfer time will be approved at the company’s annual general meeting (AGM) of shareholders, depending on negotiations between the parties as well as market conditions, a recent Imexfarm announcement said.

The premises of Vietnam’s leading pharma firm Imexpharm. Photo courtesy of the company.

The premises of Vietnam’s leading pharma firm Imexpharm. Photo courtesy of the company.

According to regulations, if the purchase and sale of shares leads to an ownership rate of 65% or more, the buyer must make a public offer. The buyer can only be exempted from a public offering with formal approval of the sellers’ shareholders.

Imexpharm, listed on the Ho Chi Minh Stock Exchange (HoSE) as IMP, also approved the cancellation of a share issuance plan under the Employee Stock Ownership Plan (ESOP) for key personnel and convert it into a cash bonus plan for those who contribute to the company's performance.

Earlier, at its AGM on April 28, 2023, the company had approved a plan to issue more than 3.3 million ESOP shares to key officials at VND10,000 ($0.41) per share.

SK Investment Vina III Pte Ltd is a subsidiary of South Korean conglomerate SK Group.

It began its investment in Imexpharm at end of May 2020 after receiving the transfer of 12.3 million IMP shares, equivalent to 24.9% of the company's charter capital, from funds in the Dragon Capital group, the CAM Vietnam Mother Fund, Kingsmead and Mirae Asset.

IMP closed Wednesday’s session at VND55,900 ($2.3) per share.

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