Must Asset Management has expanded its ownership stake in the KOSDAQ-listed company REFINE to the 7% range, changing the purpose of its holdings to "general investment."
On the 24th, Must Asset Management announced that it has increased its ownership stake in the real estate rights investigation company REFINE from 6.90% to 7.61%. It also changed the purpose of its holdings from "simple investment" to general investment.
Must Asset Management, an activist institutional investor, has been increasing its stake in REFINE after first disclosing its ownership on the 18th. Initially, Must Asset Management purchased REFINE shares for about 20.3 billion won, and this time, it bought approximately 2.225 billion won worth of shares.
In addition, as the purpose of holdings was changed on that day, some speculate that Must Asset Management will engage in more active shareholder activities regarding REFINE.
Meanwhile, Must Asset Management is also the institution that raised issues regarding the spin-off decision of the beauty medical device company PharmaResearch. Last month, PharmaResearch announced plans for a spin-off into a holding company (existing) and a newly established business company to transition to a holding company structure.
Must Asset Management, which held about 1.2% of PharmaResearch stock, raised several concerns regarding this matter, stating that it could "harm the interests of general shareholders," and sent an open letter. Ultimately, PharmaResearch decided to withdraw its spin-off decision just three weeks after the announcement.