Genebiotech, listed on KOSDAQ, is showing strong stock prices on the 11th as the management rights dispute intensifies between the current largest shareholder and the second-largest shareholder.
As of 1:11 p.m. on this day, Genebiotech is trading at 5,490 won, up 1,035 won (23.23%) from the previous trading day.
Kim Seong-ho, representative of Renewal Medical, the second-largest shareholder of Genebiotech, noted through a public notice that the purpose of his equity ownership is changing from 'simple investment' to 'influence over management.' His ownership stake increased from 9.88% to 10.91%. The current largest shareholder's stake is 28.64% in total.(Related article☞[Exclusive] Genebiotech begins management rights dispute… The second-largest shareholder is increasing shares and declaring participation in management)
This dispute is said to have started as representative Kim judged that Genebiotech has no willingness for investor relations activities and stock price stabilization. Representative Kim's side is expected to demand the holding of an extraordinary shareholders' meeting and to request the buyback and cancellation of treasury shares, an increase in dividends, and the appointment of new directors. However, as his stake is still insufficient compared to the largest shareholder, it is likely that he will align himself with minority shareholders.