SEOUL (Reuters) – Shares of Korea Zinc slumped for a second straight session on Thursday, after a choice by the world’s prime zinc refiner to situation new shares.
Shares fell by as a lot as 23.2% in Thursday’s morning commerce, after hitting on Wednesday their day by day decrease restrict with a drop of 29.9%.
Korea Zinc mentioned on Wednesday it deliberate to situation new inventory value about $1.8 billion, simply two days after it purchased again shares at the next value, amid a battle between its co-founding households for a controlling stake.
Analysts criticised the choice as a transfer that would undervalue the curiosity of shareholders.
The nation’s Monetary Supervisory Service is scheduled to provide a briefing in a while Thursday on points associated to monetary markets, together with the takeover battle round Korea Zinc.
Earlier this month, the market watchdog launched a probe into latest tender provides made by the 2 sides, urging them to chorus from any unfair practices.
Korea Zinc shares traded down 15.1% as of 0038 GMT.
