As of Wednesday, Korea Zinc is estimated to hold a 33.83 percent stake, while the Young Poong-MBK alliance holds a 39.83 percent stake. The upcoming extraordinary shareholders’ meeting on January 23 will determine the outcome of the management dispute, with proposals including board restructuring requiring majority approval.
The six-percentage-point gap between the two sides leaves minority shareholders, including the National Pension Service, in a pivotal position. Their votes could ultimately decide the fate of Korea Zinc.
Amidst escalating legal battles between the two parties, Korea Zinc has denied reports of partial stake sales by its ally, trading house Trafigura. The company insists that Trafigura maintains its full shareholding position.
Multiple securities analysts have warned of the potential for increased share price volatility due to the intense competition for control. They advise investors to exercise caution when making investment decisions.
Korea Zinc’s share price, which briefly surpassed that of Hyundai Motor, the nation’s second-largest automaker, has plummeted by approximately 56 percent in just two weeks, closing at 1.066 million won on Wednesday.
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