[Market Focus] Korea Zinc Jumps Over 5%...Minority Shareholder Protection to Be Codified at Shareholders' Meeting

Korea Zinc saw its share price surge more than 5% in early trading as the company announced plans to explicitly stipulate provisions for the protection of minority shareholders in its articles of incorporation at the regular general meeting of shareholders to be held next month.

As of 9:41 a.m. on the 24th, Korea Zinc was trading at 1,823,000 won, up 100,000 won (5.80%) from the previous day.

This appears to reflect improved investor sentiment after agenda items for the regular general meeting of shareholders, which accept shareholder proposals, were released the previous day.

According to the electronic disclosure system (DART), Korea Zinc on the previous day posted a notice convening the general meeting of shareholders and disclosed a list of agenda items for amendments to the articles of incorporation, including: explicitly stipulating provisions for the protection of minority shareholders; introducing an electronic general meeting system; clarifying the qualification requirements for independent directors within the board of directors and changing the title of independent directors; introducing directors' duty of loyalty; quarterly dividends; and restricting voting rights when appointing and dismissing audit committee members.

In addition, an agenda item will be submitted to approve a cash dividend of 20,000 won per share and to convert 911,695,440,000 won of discretionary reserves into retained earnings available for distribution.

The regular general meeting of shareholders will be held on the 24th of next month.