Photo = Yonhap news

 

[Alpha Biz= Reporter Kim Jisun] Choi Yun-beom, Chairman of Korea Zinc, apologized for the market confusion caused by the recent rights offering announcement and stated that he would step down from his position as Chairman of the Board to enhance the independence of the board.

In a press conference held on the 13th at the Korea Chamber of Commerce and Industry in Seoul, Choi said, "I will step down from the position of Chairman of the Board as soon as possible, and a non-executive director will take over the role to strengthen the independence of the board."

He also added, "We are considering appointing an independent foreign director to communicate with overseas investors and gather their opinions, and we will review the option of designating a dedicated independent director for investor relations (IR) to improve communication with shareholders."

Furthermore, Choi mentioned plans to reflect measures for protecting institutional investors' and minority shareholders' rights and strengthening their participation in management in the company’s articles of incorporation. "We are exploring ways to incorporate a system like Majority of Minority Voting (MOM), which reflects the views of minority shareholders in board compositions and major management decisions," he explained.

Choi also revealed that the company would move forward with quarterly dividends and make dividend decisions before the record date to improve predictability and enhance the company’s credibility.

Earlier in the day, Korea Zinc's board of directors held a meeting and announced the cancellation of its rights offering through a public offering.

Choi explained, "The goal of the rights offering through a public offering was to expand the shareholder base by increasing the market float, with the ultimate aim of making the company a 'national enterprise' with more shareholders, including the public."

 

 

 

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