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[Alpha Biz=(Chicago) Reporter Paul Lee] The owner family of Hanmi Pharmaceutical Group will sell part of its stake in Hanmi Science, a holding company, to a private equity fund (PEF).
The sale of the stake is 11.8% of Hanmi Pharmaceutical's shares, which is worth 320 billion won. The funds for the sale will be used for inheritance payments incurred by the death of the late chairman Lim Sung-ki.
According to the Hanmi Pharmaceutical Group on the 2nd, Chairman Song Young-sook and her eldest daughter Lim Joo-hyun signed an SPA with investment management firm La Defense Partners. The trading shares are funds raised by La Defense and are scheduled to be attributed later this month.
Under the deal, Chairman Song and President Lim's stake in Hanmi Science will be lowered from 11.8% to 2.6%, and President Lim from 10.2% to 7.4%, respectively. However, instead of participating in management, La Defense decided to hold shares for simple investment as a white knight of the owner of Hanmi Pharmaceutical.
Song and Lim plan to use most of the 320 billion won generated from the stock sale to pay inheritance taxes. The three children, Chairman Song and President Lim, inherited some of the 23.08 million shares (34.29% stake) of Hanmi Science after the death of the late founder Lim in August 2020.
The inheritance tax is estimated at about 500 billion won. Chairman Song is worth 200 billion won and 100 billion won each for his three children. Earlier, they decided to pay inheritance taxes in installments for five years using the annual payment system and used stock collateral loans.
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