Three Imexpharm Board Members Resign After Livzon Unit Acquires 67.87% Stake

Overview

Three board members of Imexpharm (IMP) have resigned following the completion of a controlling stake acquisition by Lian SGP Holding Pte. Ltd., a subsidiary of China’s Livzon Pharmaceutical Group. The resignations include the Chairman and two other directors, marking a clear shift in governance as the new parent company takes control. The deal, valued at nearly VND 6,000 billion (approximately USD 240 million), positions Livzon as the dominant shareholder with a 67.87% stake.

Key Facts

• Three board members resigned: non-executive directors Woo Sungmin (also Chairman) and Truong Minh Hung, and independent director Chung Suyong.
• Lian SGP Holding Pte. Ltd. acquired 104.5 million IMP shares at VND 57,400 per share, totaling nearly VND 6,000 billion (USD 240 million).
• The acquisition raised Lian SGP’s ownership from 0% to 67.87% of charter capital, making it the new parent company.
• The sellers were SK Group entities: SK Investment Vina III Pte. Ltd. (reduced from 47.69% to 3%), Binh Minh Kim Investment JSC (sold entire 15.02 million shares), and KBA Investment JSC (sold entire 11.3 million shares).
• Transactions occurred between April 17-21, 2026.
• Imexpharm’s Q1/2026 revenue was VND 546 billion (-8% YoY), but net profit rose 10% to VND 82 billion due to cost cuts.
• Full-year 2026 targets: revenue VND 3,200 billion and record pre-tax profit of VND 502 billion.

What Happened

Imexpharm announced it received resignation letters from three board members for the 2023-2027 term: non-executive directors Woo Sungmin and Truong Minh Hung, and independent director Chung Suyong. Woo Sungmin also served as Chairman, while Truong Minh Hung additionally resigned from the Audit Committee. The board will review the resignations and submit them to the General Meeting of Shareholders for approval within 30 days.

The resignations follow Lian SGP Holding Pte. Ltd.’s successful tender offer, which closed on April 21, 2026. Lian SGP, an indirect subsidiary of Livzon Pharmaceutical Group, acquired 104.5 million IMP shares from SK Group entities, including SK Investment Vina III, Binh Minh Kim Investment, and KBA Investment. Livzon, founded in 1985, is one of China’s top 25 pharmaceutical companies with operations in over 30 countries.

Market Context

Imexpharm (IMP) trades on HOSE. The stock closed at VND 47,000 on May 19, 2026, up 1.62% with low volume of 12,500 shares. The acquisition price of VND 57,400 per share represents a 22% premium to the current market price, suggesting potential upside if the new parent drives operational improvements. The pharmaceutical sector in Vietnam has seen increased foreign interest, particularly from Chinese and Korean conglomerates seeking exposure to the growing domestic market.

Strategic Significance

The change in control brings Livzon’s extensive R&D capabilities and global distribution network to Imexpharm, potentially accelerating product development and export expansion. Livzon’s expertise in both Western and traditional Chinese medicine could complement Imexpharm’s existing portfolio. The full exit of SK Group indicates a strategic pivot, while the new management team is expected to align with Livzon’s long-term growth strategy. The VND 502 billion pre-tax profit target for 2026 implies a significant earnings ramp, which may be supported by cost synergies and new product launches.

What to Watch

• Approval of board resignations at the upcoming EGM within 30 days.
• Appointment of new board members, likely including Livzon nominees.
• Q2 2026 earnings release to assess margin trends and revenue recovery.
• Any strategic announcements regarding product pipeline or capital expenditure.
• Foreign ownership changes as Livzon consolidates control.