Imexpharm (IMP) Chairman and Two Board Members Resign After Livzon Takeover

Overview

Imexpharm (IMP) announced the simultaneous resignation of three senior board members on May 18, 2026, including Chairman Woo Sungmin and two non-executive directors. The departures come shortly after Chinese pharmaceutical group Livzon completed a VND 6,000 billion tender offer to acquire a 67.87% controlling stake in the Vietnamese drugmaker. The resignations signal a potential board restructuring under new ownership.

Key Facts

• Three board members resigned on May 18, 2026: Chairman Woo Sungmin (non-executive), Truong Minh Hung (non-executive, audit committee member), and Chung Suyong (independent director).
• None of the resigning members held any shares in IMP.
• The resignations follow Livzon’s acquisition of 67.87% of IMP via its subsidiary Lian SGP Holding Pte. Ltd., completed in late April 2026.
• Livzon offered VND 57,400 per share in a tender offer for up to 77.94% of IMP, valuing the transaction at approximately VND 6,000 billion.
• Woo Sungmin, a South Korean national and Vice President of SK Inc., was appointed to IMP’s board in November 2024. SK Group previously held 64.8% of IMP as of Q2 2024.
• IMP’s board now consists of three remaining members: Tran Thi Dao, Han Thi Khanh Vinh, and Hoang Duc Hung.
• IMP shares closed at VND 47,000 on May 19, 2026, up 1.62% with low volume of 12,500 shares.

What Happened

Imexpharm (IMP) disclosed in an extraordinary announcement that it had received resignation letters from three board members on May 18, 2026. The resigning individuals are Chairman Woo Sungmin, non-executive director Truong Minh Hung, and independent director Chung Suyong. None of the three provided reasons for their departure in their personal letters, and none hold any IMP shares.

The company stated that the board will review the resignations and submit them for approval at the next general meeting of shareholders within 30 days. The resignations come just weeks after Livzon Pharmaceutical Group, through its subsidiary Lian SGP Holding Pte. Ltd., completed a tender offer to acquire 67.87% of IMP, making the Chinese firm the controlling shareholder. Livzon had offered VND 57,400 per share for up to 77.94% of IMP, with the transaction valued at around VND 6,000 billion.

Market Context

IMP shares closed at VND 47,000 on May 19, 2026, up 1.62% but with thin volume of only 12,500 shares, suggesting limited market reaction to the news. The stock trades on HOSE. The resignations follow a period of significant ownership change: SK Group, which held 64.8% of IMP as of Q2 2024, has been replaced by Livzon as the dominant shareholder. The Vietnamese pharmaceutical sector has seen increased foreign interest, particularly from Chinese firms seeking access to EU-GMP certified manufacturing capabilities.

Strategic Significance

The simultaneous resignation of three board members, including the chairman appointed by former controlling shareholder SK Group, indicates a likely transition to a new board aligned with Livzon’s strategic direction. Livzon, a major Chinese pharmaceutical group with global operations, may seek to integrate IMP into its regional supply chain and leverage IMP’s EU-GMP certified facilities. The departure of independent director Chung Suyong also raises questions about governance continuity. For long-term investors, the key question is whether Livzon will maintain IMP’s operational independence or pursue a full integration strategy.

What to Watch

• Outcome of the shareholder meeting within 30 days to approve the resignations and appoint new board members.
• Any subsequent board nominations by Livzon, which may signal its strategic plans for IMP.
• Changes in IMP’s dividend policy or capital allocation under new ownership.
• Regulatory approvals or filings related to the change in control, especially from Vietnamese authorities.
• IMP’s Q2 2026 earnings report to assess any impact on operations or management changes.