Korea Zinc Subsidiary SMH Acquires 10.3% Stake in Youngpoong... Youngpoong Voting Rights Restricted

Choi Yoon-beom, Chairman of Korea Zinc. Photo by Kim Hyun-min

On the 12th, it was reported that Choi Yoon-beom, chairman of Korea Zinc, once again took measures to restrict Youngpoong's voting rights on Korea Zinc shares.

Korea Zinc announced that its Australian subsidiary and corporation, Sunmetal Holdings (SMH), received a 10.3% stake in Youngpoong held by Sunmetal Corporation (SMC) as a stock dividend in kind.

With this, Korea Zinc claimed that a new mutual shareholding relationship has been established between Korea Zinc and Youngpoong.

Korea Zinc stated, "At the upcoming Korea Zinc regular shareholders' meeting at the end of this month, Youngpoong's voting rights will still be restricted," adding, "As the parent company of SMC, SMH has also laid the groundwork to protect corporate value and growth drivers from the hostile takeover and merger (M&A) attempts by MBK Partners and Youngpoong, thereby safeguarding the interests of all stakeholders."

SMH is a holding company in Australia that manages zinc smelting and renewable energy businesses. SMH is a wholly owned subsidiary of Korea Zinc, which holds 100% of its shares, and it also owns 100% of SMC shares.