Youngpoong and MBK "Shareholders Did Not Support Chairman Choi Yoon-beom's Tender Offer"

Youngpoong and MBK Partners evaluated the results of Korea Zinc's share tender offer as that a number of shareholders did not support the tender offer, which caused losses to the company for the purpose of maintaining the management rights of Chairman Choi Yoon-beom.

Youngpoong and MBK issued a statement saying they would like to thank their shareholders for making a convincing decision to significantly reduce the enormous financial damage that could occur to Korea Zinc.

Korea Zinc's management then said it should reduce losses by repaying loans not used for the tender offer of treasury stocks as soon as possible, adding that it will start working on improving Korea Zinc's governance in earnest by convening an extraordinary shareholders' meeting.