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Shareholder activism platform ACT, after prompting PharmaResearch to abandon a controversial spin-off, is now targeting Hana Micron’s similar plan, signaling a broader push for shareholder rights in South Korea’s capital markets.
PharmaResearch Co. has denied tunneling allegations in its dealings with Pixelity, asserting that all transactions were fair and market-based, but investor skepticism persists amid ongoing governance concerns.
CVC Capital Partners faces mounting pressure to clarify its stance on PharmaResearch’s spin-off, as Must Asset Management demands answers over governance and succession concerns, with key conversion and redemption rights at stake.
Must Asset Management has publicly challenged PharmaResearch’s planned holding company spin-off, questioning its governance rationale and urging transparency on shareholder interests.
Must Asset Management has publicly opposed PharmaResearch's planned equity spin-off, warning it primarily benefits major shareholders and could worsen corporate governance, as shares plunged 17% and market cap fell by 1 trillion won ($725 million).
South Korea's KOSPI index fell below the 2,900 mark after just two days as Israel's airstrikes on Iran triggered risk-off sentiment, with institutional selling outweighing foreign and retail buying; KOSDAQ also slumped, led by a sharp drop in PharmaResearch shares following a spin-off announcement.