Korea Zinc 'buying treasury stocks' counterattack...MBK's "Betrayal" Rebellion

Immediately after the court ruling, a counterattack began with 'buying treasury stocks'

Bain Capital Puts In 3.1 trillion In...Tender offer of 18% treasury stock

830,000 won per share..."To enhance shareholder value, all of them are burned."

[Anchor]
As the court allowed Korea Zinc to buy back its own shares, Korea Zinc launched a counterattack to protect its management rights.

In response, Youngpoong and MBK filed another injunction for suspension, saying that Korea Zinc's share purchase was a breach of trust.

Reporter Choi Ah-young reports.

[Reporter]
For the first time since the management dispute, Chairman Choi Yoon-beom of Korea Zinc made a public appearance.

When the court cleared the way for the purchase of treasury stocks, it began to protect management rights in earnest.

[Choi Yoon-beom / Chairman of Korea Zinc: This is a sincere decision to protect the company, shareholders, employees, and suppliers and to dispel concerns from the community and the people]

Currently, Korea Zinc's stake is similar at 34% for Chairman Choi Yoon-beom and 33.1% for Youngpoong.

The market believes that Chairman Choi is likely to protect his management rights if he secures an additional 7% stake in his share purchase.

In response, Korea Zinc will invest KRW 3.1 trillion with Bain Capital to make a tender purchase of 3.72 million shares, or 18% of all issued shares.


At 830,000 won per share, we plan to burn all of it after acquisition to avoid controversy over breach of trust and to enhance shareholder value.

In addition, it has also launched a counter-tender bid for Youngpoong Precision Co., Ltd., which has a 1.85% stake in Korea Zinc.

He also expressed his intention to talk to adviser Youngpoong Jang Hyung-jin, saying that the court has not already recognized the breach of trust claimed by Youngpoong and MBK Partners.

[Choi Yoon-beom / Chairman of Korea Zinc: We sincerely suggest that we want to discuss candidly and find a smooth solution]In response to counterattacks from

KOREAZIN, MBK repeatedly protested that acquiring treasury stocks at a higher price than normal stock prices was a breach of trust.

Based on this, Youngpoong again filed a provisional injunction to stop the process of acquiring Korea Zinc's shares.

[Kang Sung-doo / President Youngpoong (last month's 27th): I hope (Chairman Choi Yoon-beom) will not be able to meet a tiger while trying to avoid a cat.... / Especially, I really hope you don't do anything illegal....]

In the midst of a fierce battle, the equity battle is in full swing over the management rights of Korea Zinc.

I'm YTN's Choi Ayoung.

Video editing: Lee Eun-kyung Design: Lee Na-young