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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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.
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 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.
Choi Yun-beom
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03:54 13.11.2024
09:00 31.10.2024
02:52 25.10.2024
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