MBK Partners head underscores shareholder value in Korea Zinc takeover

Park Kyung-ah, wife of Chairman ByungJu Kim of MBK Partners, Chairman Kim, Seoul Mayor Oh Se-hoon, and Seoul City Council Chairman Choi Ho-jung (from left, fourth) pose at the opening ceremony for the “Kim Byung-ju Library” held in Bukgajwa-dong, Seodaemun-gu, Seoul, on the 4th. (Seoul Metropolitan Government)

Michael ByungJu Kim, founder and chairman of MBK Partners, highlighted the importance of corporate governance and shareholder value as primary motivations behind the private equity’s pursuit of management control over Korea Zinc. Speaking at the groundbreaking ceremony for the Kim ByungJu Library in Seoul’s Bukgajwa-dong on Monday, Kim addressed the media regarding the ongoing acquisition.

Drawing parallels to Japan’s corporate landscape, Kim noted, “The simultaneous emergence of the government’s ‘Corporate Governance Code’ and shareholder activism led to a private equity boom.” He referenced Toshiba’s situation, where pressure from shareholders and outside directors brought the company to the brink of sale, illustrating that any Japanese firm could face similar challenges from activist funds.

The Kim ByungJu Library, named in honor of Kim following his substantial donation covering about half of its 67.5 billion won ($49 million) construction cost, is slated for completion in 2027. The library will feature South Korea’s first automated storage and retrieval system in a public library, utilizing robots to locate, organize, and deliver books to patrons.

Kim, who immigrated to the United States during his childhood, credits his experiences in American libraries with helping him learn the language and culture, inspiring his philanthropic contribution. He attended the ceremony with his wife, Park Kyung-ah, daughter of the late POSCO Honorary Chairman Park Tae-joon, and engaged in discussions with Seoul Mayor Oh Se-hoon.

Mayor Oh expressed optimism about the future of library services, saying, “We anticipate that most libraries built in the future will be equipped with such advanced service systems.”