The two companies said they sent a document to the Korea Zinc board calling for the meeting to discuss the appointment of 12 outside directors and two non-executive directors, as well as the introduction of a new management system.
Earlier in the day, Korea Zinc announced in a regulatory filing that it had secured 9.85 percent of its shares through a buyback program that closed on Wednesday, while its partner, U.S. investment firm Bain Capital, acquired an additional 1.41 percent.
Korea Zinc Chairman Choi Yun-beom and Bain Capital aim to acquire up to 17.5 percent and 2.5 percent of the company, respectively.
The company plans to cancel the repurchased shares, which do not carry voting rights.
Their combined voting stake has increased from 33.99 percent to 35.4 percent, compared to the 38.47 percent held by Young Poong, its allies and MBK Partners, who recently acquired an additional 5.34 percent stake in a tender offer that expired on Oct. 14.
With neither side able to secure a majority stake, intense competition for the acquisition of shares and voting rights is anticipated in the lead-up to the upcoming shareholders' meeting.
Korea Zinc was co-founded in 1974 by Chang Byung-hee and Choi Ki-ho. Currently, the Choi family manages the company, while the Chang family oversees Young Poong and its electronics affiliates.
Since Choi Yun-beom became chairman in 2022, competition for acquiring shares in Korea Zinc has intensified between the Choi family and the Chang family of Young Poong.
reporter
Kim Joo-heon
jhkim123@ajunews.com
