Korea Zinc to sell $301 mn in CP amid management feud with MBK

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The move came after Young Poong Precision Corp.controlled by Choi and his family filed a complaint against Young Poong Group Advisor Chang Hyung-jin and MBK’s partner Kim Kwang Il to the prosecution, saying their agreement caused damage to Korea Zinc.

Korea Zinc Inc., the world’s top zinc and lead smelter, is set to sell 400 billion won ($300.9 million) in commercial papers, its first fundraising in the capital market in 23 years, amid the intensifying battle over the management control against Northeast Asia-based private equity firm MBK Partners Ltd.

Once Korea Zinc secures the status, MBK will not be able to sell it to foreign companies such as Chinese rivals, although the Seoul-based private equity firm pledged not to sell it to investors in the mainland.“We applied to the government for the designation of our patent technology for processing high nickel precursors as a national core technology,” said a Korea Zinc official.

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Article Details

Category: Economy

Markets: South Korea

Topics: Poong Technology Sell Choi Company Zinc Korea Commercial Corp Group Young

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-25 @ 18:17:57 (3 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 691 words

Reading Time: 4 minutes read

Sentences: 29 lines

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Copyright Owner: © Korea Economic Daily

News ID: 22705053

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