KRX:000670

6 stories mentioning KRX:000670Updated 11d ago

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Korea Zinc Management Reasserts Board Control in Management Battle Against MBK-Young Poong

Korea Zinc (KRX:010130) Chairman Choi Yun-beom prevailed in the latest battle for management control, winning three of five available board seats during a Wednesday shareholder meeting against the alliance of major shareholder Young Poong (KRX:000670) and private equity firm MBK Partners.Choi's camp elected independent directors Lee Hyung-kyu and Seo Eun-sook, along with audit committee member Baek In-kyoo. The MBK-Young Poong alliance claimed the remaining two seats, appointing Lee Jun-bong and Shim Hye-seop.The vote expands the zinc smelter's board to 19 from 14, raising Choi's representation to 12 from nine seats, while that of Young Poong-MBK grew to seven from five, according to a bourse filing on Wednesday.Korea Zinc's boardroom showdown is the latest in the feud between the founding families. Founded jointly by the Choi and Chang families, the arrangement took a turn when Young Poong's Chang family allied with MBK Partners in 2024 to launch a 2 trillion won hostile takeover bid.Young Poong holds 42.1% of Korea Zinc, while Choi's camp controls 38.8%, according to Korea JoongAng Daily.At its next shareholders' meeting in March 2027, the terms of eight directors and one audit committee member are set to expire, Joongang said.

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Asia12d ago

Korea Zinc Chairman Tightens Grip After Winning Three of Five Board Seats

Korea Zinc (KRX:010130) Chairman Yun B. Choi strengthened his control after winning three of five board seats at Wednesday's shareholder vote, giving him and allies 12 of the refiner's 19 board seats, Bloomberg News reported.Choi's group controls just under 38% of voting shares, while rival Young Poong (KRX:000670) and MBK Partners hold seven seats despite support from investors representing 41% of shares, the report said.Shares of Korea Zinc fell nearly 1% in recent trade, while those of Young Poong declined about 2%.

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Asia15d ago

Seoul Court Dismisses Young Poong, Korea Corporate Investment Holdings' Voting Rights Injunction in Korea Zinc

The Seoul Central District Court on Monday dismissed applications by Young Poong Corp. (KRX:000670) and Korea Corporate Investment Holdings seeking a preliminary injunction to prohibit the exercise of voting rights in Korea Zinc (KRX:010130).The ruling was issued on Friday, Sept. 4, and confirmed on Sept. 7, according to a Monday filing with the Korea Exchange.The court said it was difficult to conclude that the alleged reporting issues had sufficient grounds for the injunction, including whether information on a lender was material or whether false or intentionally omitted disclosures had been made.Shares of Young Poong Corporation rose nearly 1% in recent trade.

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Asia21d ago

Supreme Court Rules in Favor for Korea Zinc, Dismisses Creditor Injunctions

The Supreme Court partially ruled in favor of Korea Zinc (KRX:010130) by overturning a lower court decision that had suspended one of its shareholder resolutions.The court also dismissed injunction applications from some creditors, citing them as legally invalid, according to a bourse filing on Monday.The creditor, Korea Corporate Investment, withdrew its own injunction request back in April and since the main party dropped its case, there was nothing left for MJ Partners and YPC to join or support.Agenda Item 1-8 became legally moot and effectively dead because the company subsequently passed a new resolution on the same matter at its annual general meeting, rendering the original extraordinary general meeting resolution no longer in effect.

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Asia26d ago

Young Poong and Korea Corporate Investment Seek Court Order to Block Voting Rights at Korea Zinc EGM

Young Poong (KRX:000670) and Korea Corporate Investment have filed a preliminary injunction with the Seoul Central District Court seeking to prohibit 14 individuals and P23 Partners from exercising voting rights at Korea Zinc's (KRX:010130) upcoming EGM on Sept. 9.The plaintiffs are invoking provisions under the Financial Investment Services and Capital Markets Act and the Korean Commercial Act to restrict voting on all agenda items.The injunction targets specific shareholders for the shares listed in the accompanying schedule, with the value of the subject matter set at 100 million won, according to a bourse filing on Wednesday.Korea Zinc confirmed receipt of the application on Aug. 26 and stated its intention to respond through proper legal channels.Young Poong is the largest shareholder of Korea Zinc, holding about 25.4% of its shares.

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Asia55d ago

Korea Zinc Says No Further Developments on Young Poong's Criminal Complaint Against Board Members

Korea Zinc (KRX:010130) said there have been no confirmed developments in the criminal complaint filed against Chairman Choi Yun-beom and two others since its clarification disclosure on Oct. 2, 2024, according to a company filing on Tuesday with the Korea Exchange.This filing is Korea Zinc's final update to its Oct. 2, 2024, clarification regarding a Business Herald report that Young Poong Group (KRX:000670) had filed a criminal complaint against Korea Zinc board members.

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