Korea Zinc Withdraws Paid-In Capital Increase... "Accepts Market and Shareholder Concerns"

Korea Zinc, which is in a management dispute with Youngpoong and MBK, has decided to withdraw its plan for a paid-in capital increase in the general public offering.

Korea Zinc held a board meeting today and said it decided to withdraw after reviewing it after an independent deliberation process centered on outside directors.

He then explained that the best way to restore trust is to listen fully to shareholders' concerns and market turmoil and accept them with humility.

From now on, Korea Zinc said it will make all-out efforts to stop the hostile M&A between MBK Partners and Youngpoong, stressing that it will win the upcoming shareholders' meeting with shareholders to protect the company.

Korea Zinc Chairman Choi Yoon-beom will hold a press conference this afternoon to explain the board's decision process and background, and ways to win the general shareholders' meeting in the future.