Briefing on Korea Zinc's Paid-in Capital Increase on the Afternoon of the 31st
The Financial Supervisory Service (FSS) has launched an on-site inspection of Mirae Asset Securities. Mirae Asset Securities is the lead manager for Korea Zinc's tender offer and rights offering. Alongside this, the FSS is also considering requesting the submission of a revised report on Korea Zinc's rights offering.
According to the financial investment industry on the 31st, the FSS has dispatched inspection personnel to Mirae Asset Securities to determine whether appropriate reviews were conducted during Korea Zinc's tender offer and rights offering process.
In the market, this move is seen as the FSS putting a brake on Korea Zinc's rights offering plan. It is known that the FSS agrees with the market's assessment that the disclosure regarding investor protection in Korea Zinc's rights offering announcement was insufficient.
On the same day, the FSS plans to hold a briefing chaired by Deputy Governor Ham Yong-il to explain the review of the request for submission of the revised report and the progress of the unfair trade investigation.
Meanwhile, Korea Zinc held a board meeting the previous day and announced that it would newly issue 3,732,650 common shares, nearly 20% of the issued shares, through a general public offering at 670,000 KRW per share. The amount of funds to be raised through this is approximately 2.5 trillion KRW.
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