As the Korea Zinc (Korea Zinc) extraordinary shareholders meeting was held on the 23rd, it has been confirmed that Hyundai Motor, classified as a friendly shareholder of Chairman Choi Yun-beom, did not attend the shareholders meeting. Hyundai Motor holds 5.05% of Korea Zinc's equity but has decided not to exercise voting rights.
According to investment banking (IB) industry and Hyundai Motor on the 23rd, Hyundai Motor made this decision and did not attend the shareholders meeting.
Hyundai Motor has been classified as a white knight for Chairman Choi until now. It holds the second largest equity among companies classified as friendly shareholders, following Hanwha Group (7.76%). In addition, LG CHEM holds 1.89%.
The extraordinary shareholders meeting of Korea Zinc was scheduled to open at 9 a.m. that day but has yet to start as of 2:45 p.m. Chairman Choi's side has stated that there are duplicate proxies that need to be verified again, while MBK Partners and Young Poong have raised suspicions, stating, "The fact that the number of shares held by attending shareholders is not disclosed means that the corporations that are referred to as allies did not attend."