[Alpha Biz= Reporter Kim Jisun] The CHA Biotech Minority Shareholders' Alliance has formally requested an extraordinary general meeting (EGM) to block the company's recently announced rights issue, citing concerns about potential damage to shareholder value. They plan to challenge the major shareholders in what could escalate into a management dispute.

As of 10:55 a.m. on Monday, CHA Biotech's stock price dropped 27.0%, trading at 10,840 KRW. The decline follows the company's announcement on October 20 to issue 23.15 million new shares (worth 250 billion KRW) at 10,800 KRW per share—27.3% lower than the closing price that day.

CHA Biotech intends to allocate 140 billion KRW of the proceeds for internal facilities and operational funds, while the remainder will be invested in group affiliates CHA Healthcare and Matica Holdings.

The Minority Shareholders' Alliance strongly opposes this plan. On October 23, they sent an official notice demanding the withdrawal of the rights issue and an EGM. 

 

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