[THE INVESTOR]  Celltrion, a Korean biosimilar drugmaker, said Aug. 17 it will hold an extraordinary general meeting before the end of September to decide whether the largest stock on the secondary KOSDAQ should be relisted on the benchmark KOSPI following a petition by its minority shareholders.

“We have convened a board of directors to resolve the general meeting which we expect to be held within six weeks,” Celltrion Managing Director Yoo Byung-sam was quoted as saying by a local news outlet. 

Related:
Mixed outlook for Celltrion’s relisting on KOSPI


From the beginning of this month, some 7,000 of Celltrion’s minority shareholders have signed a petition, claiming a transfer to the KOSPI would help avoid short sellers who have been creating sharp volatility in the share price.

On Aug. 16, the company issued an announcement notifying shareholders that the petition and other data were sufficient to meet legal requirements to hold the meeting. A shareholder or group of shareholders representing at least 3 percent of voting rights can request the directors of the company to call a general meeting.

Celltrion is the most valuable KOSDAQ-listed firm with a market capitalization of 13.5 trillion won (US$11.9 billion) while its marketing unit Celltrion Healthcare is the second largest stock on the same bourse with 6.7 trillion won.

By Park Han-na (hnpark@heraldcorp.com)