The largest shareholder group of Hanmi Pharmaceutical saw its stake decline from 50.00% to 49.57% after affiliate Hanyang Precision reduced its holdings through exchanges of exchangeable bonds (EBs), which can be swapped for shares. The group now holds 6,350,076 common shares, down 54,718 from 6,404,794 reported on August 28, according to the Financial Supervisory Service’s electronic disclosure system on September 8. Hanyang Precision’s Hanmi Pharmaceutical holdings fell from 108,167 shares to 53,449, reducing its stake from 0.84% to 0.42%. The company exchanged 37,738 shares on September 2 and 16,980 shares on September 4. Hanmi Science’s stake remained unchanged at 41.42%, while Chairman Shin Dong-kuk continued to hold 988,597 Hanmi Pharmaceutical shares, or 7.72%. Shin founded automotive parts maker Hanyang Precision in 1981 and became Hanmi Pharmaceutical’s largest individual shareholder after acquiring stakes in Hanmi Science and Hanmi Pharmaceutical during inheritance-tax issues and management disputes within the Hanmi Group owner family. The group’s stake had already fallen from 50.10% to 50.00% last month because of an earlier Hanyang Precision EB exchange. Separately, loan maturities totaling approximately 280 billion Korean won, backed by Shin’s Hanmi Science and Hanmi Pharmaceutical shares, are concentrated in late September. Market observers have speculated that he could sell Hanmi Pharmaceutical shares, but a source from Shin’s side said the maturities can be addressed without such sales because sufficient liquid assets are available outside the Hanmi Group stakes.