SEOUL– Korea Zinc Co., South Korea’s leading zinc smelter, said Friday it has purchased an additional 409.9 million shares in its main Australian subsidiary for 379.2 billion won (US$310 million).
The share purchase raised Korea Zinc’s stake in Sun Metals Holdings to 100 percent, the zinc smelter said in a regulatory filing.
Sun Metals Holdings, Korea Zinc’s wholly owned subsidiary set up in 1991, manufactures and sells zinc ore.
Korea Zinc said the proceeds from the deal will be used to finance the takeover of Australian new renewable energy developer Epuron.
In late December last year, Ark Energy, another Australian unit of Korea Zinc, signed a contract to acquire a 100 percent interest in Epuron.
Source: Yonhap News Agency