In a regulatory filing Monday, Korea Zinc announced that it had secured 9.85 percent through a buyback program that closed on Wednesday, while Bain Capital acquired 1.41 percent.
Korea Zinc Chairman Choi Yun-beom and Bain Capital aimed to acquire up to 17.5 percent and 2.5 percent, respectively.
The company plans to cancel the repurchased shares, which do not carry voting rights.
They have increased their voting stakes from 33.99 percent to 35.4 percent, compared to 38.47 percent held by their rivals, Young Poong and MBK Partners, which acquired an additional 5.34 percent stake in a tender offer that expired on Oct. 14.
Young Poong and MBK plan to request an extraordinary shareholders' meeting soon seeking to secure management rights.
Since neither side will secure a majority stake, intense competition for acquisition of shares and voting rights is expected in the leadup to an upcoming shareholders' meeting.
Korea Zinc was co-founded in 1974 by Chang Byung-hee and Choi Ki-ho. Currently, the Choi family manages Korea Zinc, while the Chang family oversees Young Poong and its electronics affiliates.
Since Choi Yun-beom became chairman in 2022, competition for acquiring shares of Korea Zinc has intensified between the Choi family and the Chang family of Young Poong.
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