Strategic Move Solidifies Control and Strengthens Governance
SEOUL, South Korea--BUSINESS WIRE--
MBK Partners, through its special-purpose company, Korea Corporate Investment Holdings Co., Ltd., has acquired an additional 1.13% stake in Korea Zinc.
This latest acquisition increases MBK Partners and Young Poong’s combined stake in Korea Zinc to 40.97% of the total issued shares and 46.7% of the voting shares, excluding treasury stock, positioning the group closer to majority control.
According to disclosures from the Financial Supervisory Service’s electronic reporting system, Korea Corporate Investment Holdings purchased 234,451 shares (1.13% of Korea Zinc’s total issued shares) through open-market trading under the "Careful Discretion" (CD) method between November 12 and December 18.
With this transaction, Korea Corporate Investment Holdings now independently holds 7.82% of Korea Zinc's total issued shares (8.9% of voting shares). This includes the 5.32% stake acquired via a tender offer completed on October 14 and a 1.36% stake purchased on the open market last month. Combined with Young Poong and related parties’ existing 33.13% stake, as well as an additional 0.02% Young Poong acquired through the tender offer, MBK Partners and Young Poong have expanded their position as the largest shareholders of Korea Zinc.
An MBK Partners representative commented, “This acquisition lays a strong foundation for reclaiming our rights as the largest shareholder, including management control rights which legitimately belong to the largest shareholder, and serves as a pivotal step towards strengthening the company’s corporate governance.”
View source version on businesswire.com: https://www.businesswire.com/news/home/20241218827778/en/
Contact details:
For media inquiry:
Seikyu Hong, Head of Communications, MBK Partners
+82 10 8944 7798
[email protected]
