MBK and Young Poong secure an additional 5.34% stake in Korea Zinc… Support for governance improvement

 

 

 

 

MBK Partners announced on the 17th that they had secured an additional 5.34% stake in Korea Zinc through a tender offer.

MBK emphasized that this achievement is a result of their intent to correct Korea Zinc's governance being recognized by the capital market.

According to the disclosed report, Young Poong and MBK Partners purchased a total of 1,105,163 shares, with MBK Partners acquiring 1,101,510 shares (5.32%) and Young Poong securing 3,653 shares (0.02%).

This increased the combined stake of the MBK and Young Poong alliance in Korea Zinc from 33.13% to 38.47%.

Meanwhile, Choi Yoon-bum, Chairman of Korea Zinc, is conducting a share buyback to defend his management rights, with his and his family’s stake amounting to 15.65%.

Including the shares held by friendly shareholders such as Hanwha, Hyundai Motor, and LG Chem, the total reaches 34.01%.

However, MBK pointed out that Chairman Choi's share buyback has deteriorated Korea Zinc’s financial structure, which has been a decisive factor causing some shareholders to distance themselves from him.

MBK interpreted the result of the tender offer as support from the capital market and shareholders for their position, stating that Chairman Choi's strategy has undermined financial soundness and that the increase in non-voting shares through the buyback has relatively boosted the voting power of MBK and Young Poong, which has raised concerns among shareholders.

Meanwhile, MBK's solo tender offer for Young Poong Precision significantly fell short of the target volume and performed poorly.

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MBK and Young Poong secure an additional 5.34% stake in Korea Zinc… Support for governance improvement