Young Poong Corp., in partnership with private equity firm MBK Partners, on Friday reaffirmed its commitment not to sell Korea Zinc Inc. to Chinese investors, even if they gain management control through their ongoing tender offer. At a press conference, Young Poong President Kang Seong-du addressed concerns that MBK Partners, which some claim is influenced by Chinese capital, might sell the non-ferrous metal smelter to a Chinese buyer for profit. Kang Seong-du, president of Young Poong Corp., speaks during a press conference in Seoul on Sept. 27, 2024. (Yonhap) Kang Seong-du, president of Young Poong Corp., speaks during a press conference in Seoul on Sept. 27, 2024. (Yonhap) "As long as I and MBK Partners Vice Chairman Kim Kwang-il remain with our respective companies, there will be no sale of Korea Zinc to China. We have no plans to sell it at all," Kang said. He also emphasized that Young Poong, which holds a 33 percent stake in Korea Zinc and is its largest shareholder, has no intention of artifici al restructuring after gaining control. "If we succeed in the tender offer and become the major shareholder, I will meet with the unionized workers and assure them that the concerns they have raised will not come to pass," Kang added. The remarks come amid a heated management dispute between Korea Zinc and a coalition led by Young Poong and MBK Partners. The coalition has criticized Korea Zinc's current leadership, accusing it of weakening the company's financial health. In response, Korea Zinc has labeled the coalition's actions as part of a "hostile takeover." To support their effort, Young Poong and MBK Partners launched a public tender offer on Sept. 13 to acquire up to 14.6 percent of Korea Zinc at 660,000 won (US$495) per share. As Korea Zinc's share price accelerated to close at 713,000 won on Thursday, the offer was raised to 750,000 won per share in an attempt to attract more investors. The tender offer is set to close on Oct. 4. Despite the price increase, Kang stated that Young Poong has no p lans to raise the offer further. Kang Seong-du, president of Young Poong Corp., speaks during a press conference in Seoul on Sept. 27, 2024. (Yonhap) Kang Seong-du, president of Young Poong Corp., speaks during a press conference in Seoul on Sept. 27, 2024. (Yonhap) The ongoing conflict marks the end of decadeslong cooperation between Young Poong and Korea Zinc, which were co-founded in 1974 by Chang Byung-hee and Choi Ki-ho. Since the founding, the Choi family has managed Korea Zinc, while the Chang family is in charge of Young Poong and other electronic parts affiliates. Tensions escalated in 2022 when Choi Yun-beom, grandson of co-founder Choi Ki-ho, became chairman of Korea Zinc and sought to separate the company from Young Poong, sparking the current battle for control. Kang placed the blame for the partnership's breakdown on Choi Yun-beom. "Young Poong will do everything in its power to stabilize Korea Zinc and strengthen its management," Kang said. Source: Yonhap News Agency
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