[Featured Stock] Korea Zinc Soars Over 9% Ahead of General Meeting... National Pension Service Supports Concentrated Voting System

The stock price of Korea Zinc, which is preparing for an extraordinary general meeting this week, is showing a sharp rise of over 9% in early trading on the 20th.

As of 9:25 a.m. on the same day, Korea Zinc's shares are trading at 917,000 won per share, up 9.17% (77,000 won) from the previous close.

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This is interpreted as the effect of the National Pension Service, which holds the 'casting vote' on the key issues of the extraordinary general meeting scheduled for the 23rd?namely, the adoption of cumulative voting and the setting of a cap on the number of directors?expressing prior support. All of these decisions strengthen the position of Chairman Choi Yoon-beom of Korea Zinc. The National Pension Service holds a 4.51% stake in Korea Zinc.

With the introduction of cumulative voting, voting rights are granted corresponding to the number of directors to be appointed, allowing votes to be concentrated on a specific individual. This is a card that Chairman Choi, who has a relatively low shareholding ratio, can use to block MBK Partners and Youngpoong in order to defend his management rights. For MBK Partners and Youngpoong, despite holding nearly half of the shares, it could become difficult to control the board of directors. Previously, Norges Bank Investment Management (NBIM) and the California Public Employees' Retirement System (CalPERS) expressed opposition to the introduction of cumulative voting.

Meanwhile, the ongoing injunction lawsuit is considered a variable. The result of the injunction application filed by MBK Partners and Youngpoong, seeking to prevent the appointment of directors based on the introduction of cumulative voting, is expected to be announced on the 21st.

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