The chairman of the board of Korea Zinc vowed on Wednesday to make way for an outsider after the firm dropped a plan to issue new shares worth $1.8 billion that had sparked an investigation by the financial watchdog and a share sell-off.

Korea Zinc Co. reported a drop in third-quarter operating profit on Tuesday but stopped short of providing investors with a much-anticipated update on its planned $1.8 billion share sale, already under investigation by the country’s financial watchdog.

Korea Zinc Co., the world’s largest refined zinc producer, announced Tuesday that it is carefully reconsidering a controversial $1.8 billion share sale plan. The plan, which initially surprised the market and sparked significant backlash from both regulators and investors,

Korea Zinc said on Wednesday it has decided to withdraw its plan to issue new shares worth $1.8 billion after the proposal sparked an investigation by the financial watchdog and a sell-off in the company's stock.

SEOUL (Reuters) - Korea Zinc's new share sale plan announced on Oct 30 has been suspended due to a revision request by the South Korean financial regulator, a regulatory filing said on Wednesday.

Korea Zinc Co.’s board will meet on Wednesday to decide whether or not to proceed with a $1.8 billion share sale plan which prompted a selloff in the stock and triggered an investigation by the country’s financial watchdog.

Korea Zinc said on Monday it has secured 9.85% of the company's shares in a $1.5 billion buyback that it launched to block shareholders from selling their stakes to its top investor Young Poong and private equity firm MBK.

Korea Zinc had originally planned to issue the shares to fend off a takeover attempt by Young Poong and MBK Partners. The plan, however, sparked investor concerns and was met with

Korea Zinc cancelled its $1.8 billion share issuance plan after backlash, leading to Chairman Choi Yun-beom's resignation.

Korea Zinc said on Wednesday it has decided to withdraw its plan to issue new shares worth $1.8 billion after the proposal sparked an investigation by the financial watchdog and a sell-off in its stock.

Korea Zinc Co., the world's largest refined zinc smelter, said Wednesday it will hold a shareholders meeting over its management control, hours after scrapping its share sale plan taken issue with by the financial regulator.