MBK raises Korea Zinc stake after 11 months

(MBK Partners)

MBK Partners has purchased an additional stake in Korea Zinc worth 20.6 billion won ($14 million) through on-market transactions, marking its first such buy in about 11 months.

According to a filing with the Financial Supervisory Service on Wednesday, MBK acquired 18,000 shares of Korea Zinc over six trading sessions from October 22 to 29 through its special-purpose vehicle. The shares were bought at prices ranging between 1.09 million and 1.17 million won each.

Following the latest purchase — along with Korea Zinc’s recent share cancellations — the combined stake of MBK and Youngpoong Group rose from 41.25 percent to 44.24 percent.

The move is seen as part of efforts to strengthen the consortium’s influence ahead of Korea Zinc’s annual general meeting in March, where the board’s composition is expected to shift. Currently, the board comprises 11 directors aligned with Chairman Choi Yoon-beom and four representing MBK–Youngpoong, though four of the latter are currently suspended from duty.

Six board members’ terms are set to expire early next year, including just one from the MBK–Youngpoong side.

MBK declined to comment on the purpose of its latest share purchase.