The National Pension Fund said Thursday that it will vote against Dong-A Pharmaceutical’s plan to spin off its core business unit at the coming shareholders’ meeting on Jan. 28.

The pension fund, a main shareholder of the drug producer with a stake of 9.5 percent, pointed to “uncertainty” in terms of securing shareholders’ rights under the possible spinoff.

Dong-A Pharmaceutical is seeking to establish a holding company and put its cash cow energy drink business, Bacchus, under an unlisted firm.

The NPS and other shareholders skeptical about the plan argue that putting its money-making Bacchus and over-the-counter drugs under an unlisted firm completely controlled by the holding company would reduce general shareholders’ clout and allow the expedient transfer of wealth to company chairman’s children.

Dong-A Pharmaceutical chairman Kang Shin-ho and his family hold a 14.64 percent stake in the company. GSK and Otsuka, which hold a 9.9 percent and 7.9 percent stake in Dong-A, respectively, are believed to be on Kang’s side.

By Kim Yon-se (kys@heraldcorp.com)