 |
Hyungjin Jang, advisor of Youngpoong (left) and Yoonbeom Choi, chairman of Korea Zinc. (photo=Youngpoong) |
[Alpha Biz= Reporter Kim Jisun] Private equity firm MBK Partners is set to become the largest shareholder of Korea Zinc, alongside Young Poong Corporation.
On the 12th, MBK Partners announced, "We have entered into a shareholder agreement with Young Poong, the largest shareholder of Korea Zinc, and special affiliates (the Jang family) to jointly exercise voting rights, making us the largest shareholder of Korea Zinc." They added, "We will also be granted a call option for part of the shares owned by Young Poong and its affiliates."
As a result, MBK Partners will eventually hold one more share than Young Poong and the Jang family within the largest shareholder group, positioning itself as a co-major shareholder of Korea Zinc. MBK Partners will also take on the role of the de facto controlling shareholder from Young Poong and its affiliates.
Jang Hyung-jin, advisor of Young Poong, remarked, "The era of joint management between the two founding families, which has continued for 75 years into the second generation, is now appropriately coming to an end." He added, "It's neither feasible nor suitable for the third generation, with their fragmented ownership, to continue joint management."
He further stated, "As responsible founding shareholders, we believe it's our duty to transfer control to corporate management and global investment experts like MBK Partners, who can enhance Korea Zinc’s status as the world's top non-ferrous metal refining company."
MBK Partners expressed its commitment to "fulfill the responsibilities and rights as controlling shareholders for the benefit of all shareholders."
Korea Zinc, a key affiliate of the Young Poong Group, was founded by the late Jang Byung-hee and Choi Ki-ho. Currently, the Choi family runs Korea Zinc, while the Jang family manages the Young Poong Group and its electronics affiliates. Since the appointment of Choi Yun-beom as chairman of Korea Zinc in 2022, the Choi and Jang families have engaged in a battle for control over the company, escalating tensions between the two groups.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
