Oscotec major shareholders unite to demand extraordinary general meeting

Major shareholders of Oscotec, Kim Seong-yeon and GK Asset, have agreed to exercise their voting rights jointly to improve corporate governance and enhance enterprise value. Together, the two parties hold a combined stake of approximately 22.25%, consisting of Kim’s 12.45% and GK Asset’s 9.79%.

On September 17, Kim requested the convening of an extraordinary general meeting to address two primary objectives: amending Article 27 of the company's articles of incorporation to abolish the supermajority voting system, and appointing three new directors. Kim noted that the supermajority requirement, which sets excessively high thresholds for appointing or dismissing directors, was previously ruled invalid in a first-instance court decision and is currently under appeal.

The proposed new directors include Dr. Ko Jong-sung as an internal director, Kim Seong-yeon as a non-executive director, and Professor Park Jong-chul of Harvard Medical School as an independent director. The move aims to strengthen research and development capabilities, specifically following the development of drugs such as Lazertinib and Sevidoplenib, while reducing governance uncertainty for external investors.