I’m sorry, but there is no content provided in your request to edit. Please provide the text you would like me to work on.Korea Zinc said on Tuesday
Korea Zinc, led by Chairman Yun B. Choi, is trying to maintain control of the world’s largest producer of refined zinc in the face of a takeover bid by rival producer Young Poong and its ally MBK. they are Korea Zinc’s two largest shareholders.
Young Poong and MBK asked a court to order Korea Zinc to hold an remarkable meeting of shareholders to discuss their request to name 14 new directors for the company, which now has 13 board members to represent more than half the table.
CEO Choi,grandson of the company’s co-founder,has taken a series of measures to thwart the takeover bid. Among other things, it is promised that he will give more independence to the board by giving the chairmanship to someone from outside.
Choi is also expected to appoint new independent directors to attract investors including the National Pension Service, which analysts say has more than a 5% stake in the company.
choi and a group close to him have a stake of about 35%. Young Poong and MBK hold nearly 40% of the shares after a takeover bid.
korea Zinc shares rose 20% on Monday on expectations that both sides would buy more shares on the open market, and rose more than 9% on Tuesday.
Korea Zinc is now being investigated by the contry’s financial regulator over a failed stock offering plan that has prompted a backlash from investors and governance experts.