[Edaily Reporter Kwon Oh Seok ] Genolution ( GENOLUTION INC.(225220)), a company specializing in green biotechnology, announced in a regulatory filing on the 4th that Co-CEO Kim Ki-ok completed the purchase of 1,112,740 shares of GENOLUTION INC. stock held by Hoyl Biomed on July 31. (Photo courtesy of GENOLUTION INC.) This move is intended to simplify GENOLUTION INC.’s corporate governance structure and maximize management stability. GENOLUTION INC. had previously restructured its corporate governance by changing its largest shareholder from Hoyl Biomed to CEO Kim Ki-ok. The company explained that by personally acquiring the entire remaining stake held by Hoyl Biomed, CEO Kim has resolved market uncertainties regarding corporate governance and further solidified ownership. The company added that this share purchase reflects CEO Kim’s strong confidence in GENOLUTION INC.’s long-term growth potential and future value, as well as his commitment to practicing “responsible management.” Co-CEO Kim Min-yi is also demonstrating his commitment to management through the purchase of company stock. Since the start of this year alone, Co-CEO Kim Min-yi has consistently purchased approximately 140,000 shares of company stock on the open market. The co-CEO system, newly launched this year, is yielding tangible business results. Leveraging the expertise of both CEOs, the company has achieved efficient decision-making and actively targeted the market, enabling GENOLUTION INC. to post a marked improvement in performance during the first quarter of this year. In particular, net income reached 440 million won, marking a successful return to profitability compared to the same period last year. Achievements are also taking shape in the research and development (R&D) sector. GENOLUTION INC. is accelerating efforts to secure proprietary technology and strengthen future growth engines by completing the filing of multiple patents related to RNAi-based crop protection agents this year and registering a patent related to honeybee larvae rearing. GENOLUTION INC. official stated, “Building on the improved first-quarter results and patent achievements this year, we will maximize the synergies of our co-CEO system and do our utmost to generate results from our core pipeline and enhance shareholder value.”
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