As the dispute over the management rights of Korea Zinc between Choi Yun-beom, chairman of Korea Zinc, and Young Poong and MBK Partners reignited, the stock price of Korea Zinc surged early in the trading session on the 10th.
Korea Zinc shares traded at 827,000 won on the KOSPI market at 10:04 a.m. that day. The stock price rose by 13.91% (by 101,000 won) compared to the previous trading day, and at one point, the price jumped to 844,000 won.
The court ruled on the 7th that Korea Zinc's creation of a circular shareholding structure to block Young Poong's exercise of voting rights was illegal.
Korea Zinc limited Young Poong's voting rights using its overseas subsidiary, Sun Metal Corporation, just before an extraordinary shareholder meeting in January. The court accepted Young Poong and MBK Partners' argument that limiting voting rights using a foreign limited company, rather than a domestic corporation, was unfair.
As a result, a showdown between Korea Zinc and Young Poong and MBK Partners is expected at the regular shareholder meeting of Korea Zinc at the end of this month.