On October 25, 2024, Young Poong Precision Corp. and MBK Partners announced that they plan to call for an extraordinary shareholder meeting of Korea Zinc Co. Ltd. this year, seeking approval to appoint their board nominees, escalating a takeover battle.
MBK Partners and Young Poong stated that they want their representatives to account for more than half of the board of the zinc refiner, adding that they have yet to decide on the number of new directors. MBK Partners also proposed the introduction of an ?executive officer? system to separate management from the board, a measure that would require the Company?s Chairman, Yun B. Choi, to give up his management role.
MBK Partners and Young Poong stated that they have far more than the 3% stake needed to call for a special shareholder meeting. MBK Partners and Young Poong added that if the request is rejected by the Company?s board, MBK Partners plans to seek court approval to press ahead, and the proposed meeting could be delayed to January or February.