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Regulator puts brakes on Korea Zinc’s $1.8 bn rights issues

Korea Economic Daily LogoKorea Economic Daily1h ago

Regulator puts brakes on Korea Zinc’s $1.8 bn rights issues - Korea Economic Daily

Quick Summary:

It required the world’s largest lead and zinc smelter to revise the prospectus for new share sales.“After reviewing the securities report submitted by Korea Zinc, we found insufficient descriptions of details such as the reason for the rights offering, its decision-making process, lead underwriter’s due diligence, the reason for setting subscription quotas and how it differs from its tender offer prosectus,” said an FSS official.

The regulatory body said on Wednesday that found fault with the rights offering process, which appeared to start during Korea Zinc’s tender offer period for buybacks on Oct.4-23 and questioned the rationale behind the new share issues.

The two brokerage houses also handled Korea Zinc’s tender offer for buybacks.On Oct.30, Korea Zinc surprised the market with the rights offering announcement as its fight against the MBK-led group is expected to escalate into a lengthy proxy battle.


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Article Details

Category: Economy

Markets:

Topics:

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News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 16:44:53 (1 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 598 words

Reading Time: 4 minutes read

Sentences: 28 lines

Sentence Length: 22 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 23443908

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Main Topics: Economy

Official Website: kedglobal.com

Update Frequency: 18 posts per day

Year Established: 1964

Headquarters: South Korea

News Last Updated: 42 minutes ago

Coverage Areas: South Korea

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Publisher ID: #91

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