God of Corporate Hunting - Chapter 236



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◈ Episode 236: Bukseong Distribution (2)

Bukseong Pharmaceutical announced a paid-in capital increase.

The company announced that it would issue 100% paid-in capital to existing shareholders in order to develop new drugs and secure operating funds. The new share price was 90% of the existing stock price, or a discount rate of 10%.

Generally, the announcement of a free capital increase leads to a rise in stock prices, but a paid capital increase rather puts a burden on stock prices. That is why stock prices are sluggish after the announcement.

The news of Bukseong Pharmaceutical’s paid capital increase heated up the financial world.

All sorts of suspicions have arisen because Bukseong Pharmaceutical has not been able to achieve any significant results in its main business of developing new drugs. Rumors have been rife that the company is seriously eroding its capital due to reckless management, or that it is increasing its capital in order to cover its losses.

There was almost no view that the development of new drugs, put forward as a reason for the increase in capital, was the real purpose.

Meanwhile, Bukseong Pharmaceutical kept quiet about the specific facts.

Hyunjae Seop sighed in shock after receiving the report from Kim Hak-yong.

“What the hell is going on? How can you not know what happened in the group?”

“We are looking into it in every possible way, but we can’t find any specific reason. They say it was all initiated by you, young lady.”

The person who currently holds real power at Bukseong Pharmaceutical is Hyun Ah-sol. The president was also appointed by Hyun Ah-sol.

Although Hyun Ah-sol was interfering with management from behind the scenes, Hyun Jae-seop didn’t really care.

There have been too many incidents in the group recently, and he has grown distant from HyunA Sol, so he didn’t want to bother interfering. Managing a company is not easy, so he thought he would just back off after doing things like that. In his opinion, HyunA Sol just likes to have fun, and she wasn’t the right person to run a company.

When I let it go like that, it suddenly hit me on the back of my head. It’s still unclear whether it was the back of my head or not.

“Don’t you know the reason for the paid capital increase? And it’s a 100% capital increase? That’s not normal, is it?”

“Yes. That’s why the stock price of Bukseong Pharmaceutical is fluctuating.”

“They say a bad shaman can catch people. Company work isn’t a game!”

“What should I do?”

In the past, I would have immediately called Hyun Ah-sol in and scolded her, and then replaced all the board members of Bukseong Pharmaceutical who agreed with her.

But it’s not easy now.

If you touch HyunA Sol for no reason, you might end up throwing away BukSung Pharmaceuticals and betting on BukSung Construction. If it doesn’t ruin the company, it might be better to just leave it alone.

“If it’s 100%… that means they’ve completely eaten up all of the existing capital. Was Bukseong Pharmaceutical’s financial structure that bad?”

“Because I haven’t had any business that has made any decent profit so far.”

As a result of the two putting their heads together, they concluded that they would pursue a generous capital increase to cover the losses.

“Yeah, if you’re going to do it, it’s better to do it all at once. It’s already been announced, so it’ll be even stranger if you deny it and announce it.”

The Bukseong Group cannot change its public announcement in a clumsy manner without saving face.

“So how much stake do we have?”

“Currently, other than Miss Hyun Ah-sol, no one else has any shares. If they do, it’s 1 or 2%. However, Bukseong Bio owns a whopping 30%…….”

Kim Hak-yong explained the difficult situation.

Bukseong Bio does not currently have much reserve funds. It cannot participate in paid-in capital increase, so its shareholding ratio cannot help but decrease. The same goes for other affiliates. As a result, Bukseong Group’s shareholding will decrease.

“Does Asol have money to increase the deposit?”

“I don’t know about that. I wonder how much of Bukseong Construction’s shares you currently own. If you sell those shares and take out a bank loan, wouldn’t you be able to handle it to some extent?”

Hyunjae Seop noticed Hyun Ah Sol’s plan.

It seemed like she was looking at her past self. This is Hyun Ah-sol’s strategy to solidify her control over Buk Sung Pharmaceutical. She wants to distance herself from the Buk Sung Group. In other words, she wants to prevent Buk Sung Pharmaceutical, which has become hers, from being taken away by her brother again. Buk Sung Pharmaceutical has Buk Sung Bio, and there are affiliates lined up under it.

“That’s why you’re pushing yourself too hard. If you succeed, you’ll have the opportunity to take over several affiliates of the group.”

There is no way that major shareholder HyunA Sol would pursue a paid-in capital increase in which she would not participate.

Hyeonjae Seop’s worries have deepened.

Should I raise my hand for Hyun Ah-sol in this fight between Hyun Chang-min and Hyun Ah-sol?

On the one hand, it wasn’t bad. If the two opposing camps were to fall out, his dominance would become more solid. Bukseong Bio can slowly come back. Right now, we’re short on funds, so let’s leave it alone.

Hyun-Seop Hyeon, who had made up his mind, picked up the phone. It was the final confirmation.

“Is it Asol?”

[Yes, Dad.]

“What does paid capital increase mean?”

[The company’s finances were a mess. That’s why we pushed ahead. We had to get rid of the sick teeth right away.]

“Is there any other reason? New drug development or…….”

[Is that easy? We have to develop a new drug. Hot! Seriously! Hehe!]

A nonchalant answer was heard. Hyunjae Seop sighed, thinking that his guess was right.

“You are the major shareholder. Are you confident that you will be able to raise the capital increase?”

[Would you have pushed forward without that?]

“What kind of money?”

[It’s a secret.]

Well, since they were enemies during the Bukseong Construction civil war, there’s no way they would tell me so easily.

I heard that Chairman Hyun Man-heum’s overseas slush funds are still in the hands of Hyun Chang-yoon and have not been distributed.

“If there are few paid-in capital increase participants, it will be a headache. We need to come up with countermeasures for the real power holders.”

[I guess I have to accept that much. I’ll take care of it.]

I felt like he was taking the management of the company too lightly, but he wasn’t the kind of daughter who would listen to him scolding her. They’re the kind of guys who would regret it later after they break up one way or another.

In his eyes, HyunA Sol is now a young girl. Even if you have been through all sorts of hardships, managing a company is difficult.

“Okay, do whatever you want. Just don’t even think about raising your hand.”

[thank you.]

After hanging up the phone, Hyun-Seop sighed.

I have a feeling that the capital increase of Bukseong Pharmaceutical will bring about a big change, but I have no idea what it will be.

* * *

The shares of affiliates previously owned by Bukseong Life Insurance and Bukseong Securities were transferred in large quantities to Mega Asset Management and Korea Asset Management.

This is the stock of a key affiliate included in the circular investment chain.

At Joo Do-hee’s direction, Bukseong Life Insurance moved, and at Nam Woon-myung’s direction, Hyun A-ram moved.

Bukseong Life Insurance and Bukseong Securities sold off part of their shares.

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In accordance with the principle of separation of financial assets and capital, the stocks were mainly purchased with limited voting rights. In other words, they were shares exceeding 3%. Since the stocks did not have voting rights in Bukseong Life Insurance anyway, they had no meaning beyond being assets.

When Joo Do-hee kept her promise and received the stocks, Nam Woon-myung called to express his thanks.

Once preparations were complete, Nam Woon-myeong requested a temporary general meeting of shareholders for Bukseong Distribution.

The purpose of the shareholders’ meeting is to replace the CEO.

The North Star Group civil war reoccurs!

Impatient reporters chose the article title.

The clock of the North Star group began to tick quickly.

On the morning of the extraordinary general meeting, officials gathered in the main auditorium of Bukseong Distribution headquarters.

Reporters from various media outlets who felt that the situation was suspicious also gathered like clouds.

Hyun-Seop Hyeon has appeared. He is qualified to be the head of the Bukseong Group.

Immediately after the end of the last civil war in Bukseong Construction, Hyeonjae Seop was appointed as the chairman of Bukseong Group. To him, the chairmanship was like a trophy for victory in the civil war.

The reporters began asking questions.

“Mega Asset Management has called a shareholders’ meeting. What’s going on?”

“If it’s Mega Asset Management, isn’t it the management company that stood on the opposite side of Bukseong Market and Bukseong Polymer?”

“Please explain the situation today!”

All kinds of questions poured in.

Hyun Jae-seop, who had been avoiding reporters’ questions as if he was annoyed, reluctantly answered.

“It is true that we have a bad relationship with Mega Asset Management. It is all because of their greed. We are not enemies to anyone. I think our enemies will probably demand a few seats on the board.”

“This is the first time in Bukseong that a director has been appointed against the wishes of the major shareholder. How will you deal with it?”

“Of course, we must recognize your rights to the extent permitted by law. However, if you ask for more than that, we will never grant it.”

“Do you know about Mega Asset Management? I heard that CSK also recently participated in it.”

“It doesn’t matter who the opponent is. We are Bukseong. There is no one in Korea who can match us. Bukseong has many friendly forces, and Mega Asset Management is a lone wolf.”

Hyunjae Seop’s confident remarks continued.

“Do you know who the Mega Asset Management side is involved in? Where their LP is…….”

“I don’t care. Our skills are more important than our opponent’s. It’s a fight between a puppy and a tiger.”

Hyun-Seop confidently belittled his opponent.

As the reporters continued to ask additional questions, Hyun-Seop Hyun simply waved his hand and closed his mouth.

Although he appeared relaxed on the outside, he couldn’t hide his stern expression.

As Hyunjae Seop was entering the main auditorium where the general meeting was held, he stopped in his tracks when he saw an unexpected person.

Mrs. Joo Do-hee. And the current owner of Bukseong Foods, who is serving her.

For a moment, my mind became complicated.

Could it be that Bukseong Distribution is also a trial for Bukseong Construction? Has another civil war broken out?

I was aware that Mega Asset Management was close to Hyun Ah-sol. I also knew that Hyun Ah-sol liked Nam Woon-myung, who was a director at Mega Asset Management.

If you connect Hyun Ah-sol to Hyun Jae-eun and Joo Do-hee, the link is not awkward, but Bukseong Distribution is clearly different from Bukseong Construction. Bukseong Construction is a family fight, and Bukseong Distribution is an external fight.

If an enemy invades from outside, wouldn’t it be normal to stop fighting internally and first defeat the external enemy?

“What are you doing here?”

Hyun-Seop Hyun pointed out his dissatisfaction.

“Brother, have I come to a place I can’t go? I’m also interested in Bukseong Distribution.”

“You don’t have any stocks in Bukseong Distribution, right?”

“I don’t have one, but my mom does.”

Hyunjae Seop’s gaze turned from Hyunjae Eun to Joo Do Hee.

“Mother, why are you here all of a sudden…….”

“Do I need your permission?”

“That’s not it, but…….”

Hyunjae Seop, who was about to continue speaking, became aware of the gazes of those around him. Several reporters were looking at them with interest.

Hyun-Seop Hyun politely guided Joo-Hee Joo.

“Now that you’re here, please take a look wherever you like.”

Hyunjae Seop, who was guiding Joo Do Hee, had a complicated mind.

If it’s a fight between Bukseong and Mega Asset Management, I’m confident. But if Joo Do-hee gets involved, it’s complicated. Would Joo Do-hee really side with Mega instead of Bukseong?

Even though they fought each other at Bukseong Construction, I didn’t think he was foolish enough to side with an outside force that wasn’t his family.

but…….

The problem was my younger sister, Hyunjae Eun. Joo Do-hee is Hyunjae Eun’s biological mother. If Hyunjae Eun had persuaded Joo Do-hee with words that were not true, the situation would have been complicated.

Hyunjae Seop looked around.

Executives and employees of affiliated companies including Bukseong Life Insurance made eye contact with him.

They are all affiliates that have shares in Bukseong Distribution.

The employees who discovered the chairman rushed to greet him.

Hyun-Seop, conscious of the reporters, shook his head slightly, giving them a hint. Showing off military-style culture in front of reporters would actually be detrimental to his image.

The presidents of the affiliated companies noticed the meaning, greeted him from afar, and then sat down again.

Hyun-Seop Hyun took his seat in the center of the back row of the shareholders’ meeting. The pleasure of watching from behind leisurely is a privilege enjoyed by the chairman.

No one dared come near him.

But then one guy finally appeared in front of me and pretended to know me.

He’s a young guy, but I don’t know who he is. In fact, there’s no young guy who would show up in front of him and greet him so confidently.

“Who are you?”

A young man who seemed to be in his thirties straightened his back and smiled faintly.

“Nice to meet you, Chairman Hyeonjae Seop.”

“You?”

“My name is Nam Woon-myeong. I am the director of Mega Asset Management.”

Hyunjae Seop’s expression hardened.

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