Korea Zinc shares rally as court dismisses injunction against buyback

(Maeil Business News Paper, Oct. 21)

 

 

Korea Zinc’s stock surged on Monday following a court ruling that dismissed an injunction request filed by a coalition of Young Poong Co. and MBK Partners to halt the company’s share buyback.
As of 10:58 a.m., Korea Zinc shares were trading at 875,000 won ($640), up 6.19 percent from the previous session, nearing the company’s proposed buyback price of 890,000 won.
The Seoul Central District Court rejected the coalition’s request to suspend the buyback process, effectively allowing Chairman Choi Yoon-beom to continue acquiring treasury shares to defend his control over the company.
Korea Zinc’s stock opened with a 7.65 percent drop, reflecting investor jitters ahead of the court’s ruling. However, the shares quickly rebounded, surging over 6 percent following news of the dismissal. At its peak, the stock hit a 52-week high of 889,000 won, gaining 7.89 percent.

 

Full Article: Korea Zinc shares rally as court dismisses injunction against buyback (Maeil Business News Paper, Oct. 21)

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