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.
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.