Samjin Pharmaceutical(005500) Founding chair Cho Eui-hwan decided to donate the company equity he holds to his two sons. The Oner second generation's equity is expected to rise from the 3% range to the 4% range.
According to the Financial Supervisory Service's electronic disclosure system on the 13th, former chair Cho Eui-hwan plans to donate 270,000 common shares of Samjin Pharmaceutical to his eldest son, President Cho Gyu-seok, and his younger son, Executive Vice President Cho Gyu-hyung, on Aug. 10. The two sons will receive 135,000 shares each.
With this donation, former chair Cho Eui-hwan's Samjin Pharmaceutical equity will fall from 6.3% to 4.28%. President Cho Gyu-seok's and Executive Vice President Cho Gyu-hyung's equity will each increase from 3.19% to 4.2%. A Samjin Pharmaceutical official said it was a "personal asset transfer."
Samjin Pharmaceutical, known for the fever reducer "Geborin," was co-founded in 1968 by former chair Cho Eui-hwan and Chair Choi Seung-ju. President Cho Gyu-hyuk, the eldest son of the former chair, and President Choi Ji-hyun, the eldest daughter of the chair, serve as co-CEOs. Executive Vice President Choi Ji-seon, the chair's younger daughter, also works at the company.
Samjin Pharmaceutical equity is 13.41% held by the former chair Cho's family and 10.32% by Chair Choi's family. With no change in the total equity of the largest shareholders, the existing co-management structure is expected to remain in place.