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Market Daily Report: Bursa Malaysia Ends Higher On Positive Sentiment, CI Up 0.83 Pct

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said. Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70. The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session. Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended. Turnover expanded to 3.39 billion units
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Korea Zinc Chairman and Bain Capital Secure Over 11% in Buyback Amid Takeover Battle

Korea Zinc Co chairman Choi Yun-beom, alongside Bain Capital, has acquired an additional 11% of the company’s shares through a recent buyback, according to a regulatory filing.

Choi, backed by Bain, has been working to counter a takeover attempt from Young Poong Corp, the company's largest shareholder, and private equity firm MBK Partners. The takeover battle revolves around control of the world’s largest zinc producer.

Following the buyback announcement, Korea Zinc shares surged by as much as 7.5%, building on last week's 52% increase. As of 9:45 a.m. in Seoul, shares were trading at 1,282,000 won (US$923, or RM4,032), significantly above Choi’s 890,000 won buyback offer, indicating that investors are anticipating further developments in the ongoing control struggle.

Shareholders representing 9.85% of Korea Zinc participated in the buyback offer, while Bain Capital acquired 1.41%. In total, Korea Zinc aimed to repurchase as much as 20% of the company’s shares.

Before the buyback, Choi had the backing of around 34% of shareholders, while Young Poong and MBK Partners control approximately 38% of the company. Notably, the shares acquired through the buyback won’t carry voting rights, meaning neither side has firm control over the company.

MBK and Young Poong have announced plans to convene an extraordinary general meeting, where they will present their strategy to improve corporate governance at Korea Zinc. “The foundation has been laid for us to enhance corporate governance,” MBK stated.

As the battle for control of Korea Zinc continues, inve

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