Choi Yoon-beom, Chairman of Korea Zinc, Expands Stake to 17.5%

Additional Share Purchase Before Temporary General Meeting

Choi Yoon-beom, chairman of Korea Zinc, who is engaged in a management rights dispute with Youngpoong and MBK Partners, has increased his shareholding by 0.32 percentage points to hold 17.5% ahead of the upcoming extraordinary general meeting next month.

Choi Yoon-beom, Chairman of Korea Zinc, is speaking at a Korea Zinc press conference held on the 13th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. On the right is CEO Park Ki-deok. On the same day, Chairman Choi stated, "I will step down from the position of chairman of the board as soon as possible and have an outside director take over as chairman of the Korea Zinc board." Photo by Kim Hyun-min

It appears that he has expanded his stake through on-market accumulation in preparation for a vote battle at the extraordinary general meeting.

Korea Zinc announced on the 4th that the shareholding ratio of special related parties, including Chairman Choi and his relatives, in Korea Zinc has changed.

The shareholding ratio of special related parties was 17.18% as of the 22nd of last month, with 3,556,956 shares held.

The shareholding ratio of Chairman Choi and special related parties increased by 0.32 percentage points to 17.5% as of this date. The number of shares held also rose to 3,623,579.

In the disclosure, Korea Zinc stated, "The shares were simply additionally acquired through on-market trading, and there were contract changes due to contract conclusion and maturity extension related to the shares held."