A dispute is ongoing between the side of Chairman Choi Yoon-bum over the management rights of Korea Zinc and the MBK Partners-Youngpoong coalition, with the National Pension Service, which is the 'casting vote,' reportedly realizing profits by massively selling its equity.
According to the Financial Supervisory Service electronic disclosure on the 6th, the National Pension Service held 934,443 shares (4.51%) of Korea Zinc as of Oct. 28 last year. Previously, it had disclosed that it held 7.49% as of Sept. 30.
It was already widely known in the market that the National Pension Service had massively sold its equity in Korea Zinc. Before the start of the management rights dispute, the National Pension Service had held 7.8% equity in Korea Zinc, and it was the consensus among industry insiders that it sold about half of that. The estimated entrusted volume, presumed to be half, was almost completely sold and released into the market, while the volume managed directly by the National Pension Service is reported to be held without being sold.
As of Oct. 28 last year, the equity ratio was 4.51%, but the market believes that the National Pension Service likely sold additional equity since then. It is estimated that the equity ratio of the National Pension Service may have dropped to around 4%.
Currently, based on the number of issued shares, the equity ratio of the MBK Partners-Youngpoong coalition is 40.97%. The equity ratio of Chairman Choi Yoon-bum's side and the white knights is estimated to be around 33-34%. Assuming the National Pension Service's equity ratio is 4%, the equity of the remaining minority shareholders, excluding treasury shares, is estimated to be just under 10%. The MBK Partners-Youngpoong coalition and Chairman Choi's side are continuing their proxy battle ahead of an extraordinary shareholders' meeting on the 23rd.