MBK, Young Poong welcome court ruling against Korea Zinc's share issuance to Hyundai Motor affiliate

A Seoul court ruled that Korea Zinc's issuance of new shares through a third-party allotment to HMG Global, an affiliate of Hyundai Motor Group, is invalid as it violated the firm's articles of incorporation, according to company and industry officials Sunday. The MBK Partners-Young Poong alliance, Korea Zinc's largest shareholder and a long-time rival in the ongoing management rights dispute, welcomed the court's decision, while the world's largest zinc smelter said it plans to file an appeal. With Korea Zinc stating its intention to appeal, the newly issued shares will remain valid until courts reach a final decision, meaning for now there will be no major shift in the dynamics of the ownership dispute. On Friday, the Seoul Central District Court ruled in favor of Young Poong in its lawsuit against the zinc smelting firm over the validity of the share issuance. The court found that the issuance violated the rights of existing shareholders, invalidating approximately 1 million common shares issued on Sept. 13, 2023. The MBK-Young Poong alliance called the ruling "a reaffirmation of the lWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times