Imexpharm (IMP) Board Reshuffles After Livzon's 67.87% Stake Acquisition

Overview

Imexpharm (IMP) is restructuring its board of directors after Livzon Pharmaceutical Group acquired a 67.87% stake in the company. Separately, An Gia Real Estate (AGG) appointed a new head of internal audit, and OCB Bank (OCB) named a new deputy general director. These changes reflect ongoing corporate governance shifts across Vietnamese listed companies.

Key Facts

• Livzon Pharmaceutical Group, through its subsidiary Lian SGP Holding Pte. Ltd., completed the purchase of a 67.87% stake in Imexpharm on May 5, 2026.
• The stake was acquired from SK Group-related entities (SK Investment Vina III, Binh Minh Kim Investment, KBA Investment) and over 100 other shareholders.
• Two non-executive board members (Woo Sungmin and Truong Minh Hung) and independent director Chung Suyong resigned from Imexpharm’s board.
• Truong Minh Hung also resigned from the Audit Committee.
• Imexpharm will hold an extraordinary general meeting to approve new board nominees proposed by Livzon.
• AGG appointed Le Tung Kim Thuy as Head of Internal Audit, replacing Nguyen Thi Phuong Thao who was dismissed on March 20, 2026.
• OCB appointed Shayannasr Hamed (Chris Shayan) as Deputy General Director effective June 1, 2026, to strengthen leadership for the 2026-2030 strategic period.

What Happened

On May 22, 2026, Imexpharm announced plans to restructure its board of directors following Livzon Pharmaceutical Group’s acquisition of a controlling stake. The transaction, completed on May 5, saw Livzon purchase 61.79% from SK Group-related entities and an additional 6.08% from other shareholders, giving Livzon 67.87% of charter capital. As a result, three board members representing SK Group or nominated by SK Group submitted resignations: Woo Sungmin, Truong Minh Hung, and independent director Chung Suyong. The remaining board consists of Han Thi Khanh Vinh, Hoang Duc Hung, and General Director Tran Thi Dao. Livzon will nominate new candidates, and an extraordinary general meeting will be held to approve them.

Separately, AGG announced the appointment of Le Tung Kim Thuy as Head of Internal Audit, replacing Nguyen Thi Phuong Thao. OCB appointed Shayannasr Hamed (Chris Shayan) as Deputy General Director, effective June 1, 2026, citing the need to strengthen senior leadership for the 2026-2030 strategic phase.

Market Context

IMP shares closed at VND 46,650 on May 22, down 0.53% with low volume of 6,700 shares. The stock has been under pressure following the change in controlling shareholder. AGG closed flat at VND 11,950 with volume of 97,200 shares, while OCB rose 0.45% to VND 11,100 on volume of 970,800 shares. All three tickers trade on HOSE. The leadership changes at IMP are directly tied to the ownership transition, while AGG and OCB’s moves appear routine.

Strategic Significance

For Imexpharm, the board restructuring marks the formal integration of Livzon as the controlling shareholder. Livzon, a Chinese pharmaceutical group, may bring new strategic direction, product pipelines, or operational efficiencies. The departure of SK Group representatives ends a chapter of foreign ownership from Korea. Investors will watch how Livzon’s nominees shape the company’s strategy, particularly in research and development or market expansion. For AGG and OCB, the changes are less transformative but indicate ongoing corporate governance adjustments.

What to Watch

• Imexpharm’s extraordinary general meeting date and the list of Livzon-proposed board nominees.
• Any strategic announcements from Imexpharm regarding partnerships, product launches, or capital expenditure under Livzon’s control.
• Q2 2026 earnings reports for IMP, AGG, and OCB to assess operational impact of leadership changes.
• Further board or management changes at AGG and OCB as part of their strategic plans.
• Regulatory filings regarding the completion of Livzon’s acquisition and any mandatory tender offer requirements.