Korea Zinc, Proxy Battle at General Meeting... Full Effort to Secure Voting Rights

At Koryo Zinc, the flagship affiliate of Yeongpung Group, the management dispute between Jang Hyung-jin, an advisor of Yeongpung Group, and Choi Yoon-beom, chairman of Koryo Zinc, is intensifying, and a vote showdown is expected at the upcoming shareholders' meeting in March.

According to the Financial Supervisory Service's electronic disclosure on the 21st, Koryo Zinc plans to hold a shareholders' meeting on March 19, where the reappointment of Advisor Jang Hyung-jin as a non-executive director will be proposed. The reappointment of Chairman Choi Yoon-beom as CEO will also be on the agenda.

The late founders Jang Byung-hee and Choi Ki-ho jointly established Yeongpung Group in 1949, with the Jang family managing the holding company Yeongpung Group and its electronics affiliates, while the Choi family managed Koryo Zinc, maintaining separate management. Since 2022, when Choi Yoon-beom, the grandson of founder Choi Ki-ho, inherited the management rights, a dispute over management control with the Jang family has arisen.

Two years ago, the Jang family held more than a 10% higher stake than the Choi family, but through the Choi family's share purchases and the participation of a white knight, the shareholding ratio between the two sides has narrowed to approximately 33% to 32%. Accordingly, the current largest shareholder, Yeongpung Co., Ltd., has appointed KDMMega Holdings, the top proxy voting company in Korea.

Meanwhile, at this shareholders' meeting, in addition to the election of directors, proposals regarding amendments to the articles of incorporation and dividends will also be addressed.

This content was produced with the assistance of AI translation services.