Choi Yoon-beom succeeded in making a tender offer for Youngpoong Precision...Korea Zinc Secures 1.85% Stake

Chairman Choi Yoon-beom of Korea Zinc, who is trying to protect management rights against Youngpoong and MBK Partners, succeeded in a precise tender offer for Youngpoong.

KB Securities said that Jericho Partners, a special purpose corporation established by Chairman Choi, has subscribed 99.6% of the 5,512,500 shares set as the maximum purchase target.

As a result, Chairman Choi secured an additional 34.9% stake in Youngpoong Precision to protect the management rights of Youngpoong Precision.

Youngpoong Precision has a 1.85% stake in Korea Zinc and has been considered a key pillar of the management dispute.