Korea Zinc shares extend gains to hit fresh all-time high

SEOUL : Shares of Korea Zinc hit on Friday a fresh all-time high after rising by as much as 29 per cent, extending gains on the bet the company faces a lengthy takeover battle for a controlling stake in the world's biggest zinc smelter.

Korea Zinc's top shareholder Young Poong and private equity fund MBK Partners plan to call for an extraordinary shareholder meeting this year to seek approval to appoint their board nominees, a top executive at the fund told Reuters, escalating the takeover battle.

Korea Zinc shares were up 7.6 per cent as of 0140 GMT, after rising as much as 29 per cent earlier in the session to reach a high of 1,470,000 won.

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