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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
A power struggle has emerged at Korea Zinc Co., with Chairman Yun B. Choi facing off against Young Poong Corp., the largest shareholder controlled by the Chang family. This conflict highlights a deep rift between two of South Korea"s wealthiest families over control of the world"s largest zinc smelter.
Korea Zinc Co.’s chairman, Yun B. Choi, is working to rebuild shareholder trust after a $1.8 billion share sale was scrapped, which he called his “one real mistake” in a proxy battle with the company’s top shareholder. Choi plans to step down as chairman and is engaging with investors while the company strengthens its board by adding a foreign director and a new independent chairman.
Korea Zinc Co. has abandoned its $1.8 billion share sale plan following a selloff and an investigation by the financial watchdog. The decision, influenced by feedback from market participants and shareholders, hampers Chairman Choi Yun-beom's efforts to gain support and address debt.
Korea Zinc Co. is set to decide on a contentious $1.8 billion share sale plan amid rising pressure, following a stock selloff and an investigation by the financial watchdog. The dispute has intensified between major shareholders, particularly after MBK Partners Ltd. and Young Poong Corp. launched an unsolicited bid.
Korea Zinc Co. reported a decline in third-quarter operating profit but did not provide an update on its planned $1.8 billion share sale, which is under investigation by the financial watchdog. The announcement of the share issue, following a significant buyback, led to a sharp drop in stock prices and scrutiny from the Financial Supervisory Service over potential misconduct.
South Korea's financial watchdog is set to investigate Korea Zinc Co.'s share sale plan, indicating a significant risk of unfair trading practices. The company's shares plummeted 30% following Chairman Choi Yun-beom's announcement to issue 3.73 million shares, approximately 18% of its total stock, aiming to raise around $1.8 billion primarily for debt repayment.
Korea Zinc Co. shares plummeted by as much as 23% following reports that South Korea's markets regulator may require revisions to its $1.8 billion share sale plan. The stock had already dropped 30% the previous day after the company announced a deeply-discounted share sale, seen as a move by the chairman to maintain control. By Thursday noon, losses had narrowed to about 2.3%.
Korea Zinc Co. saw its shares plummet by 30% after announcing plans to raise 2.5 trillion won ($1.8 billion) through the issuance of 3.73 million new shares at 670,000 won each. The drastic drop occurred amid ongoing takeover battle speculation.
Korea Zinc Co. shares surged 19% to 1,355,000 won ($982) as investors anticipated the outcome of a stock buyback initiated by Chairman Choi Yun-beom amid a $12.5 billion takeover bid. This rise follows a previous 30% increase, with prices exceeding the 890,000 won buyback offer, indicating investor expectations for a higher bid in the ongoing control battle.
Korea Zinc Co. shares surged 30% as investors anticipated the outcome of a stock buyback initiated by Chairman Choi Yun-beom to counter a $12.5 billion takeover bid. Trading at 1,138,000 won, the stock exceeded the 890,000 won buyback offer, indicating investor expectations for a higher proposal amid ongoing control disputes.
Korea Zinc Co.
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