Seoul: Korea Zinc Co the world's largest refined zinc smelter, on Wednesday withdrew its disputed share sale plan currently under investigation by the financial regulator. The company held an emergency board of directors meeting to decide on the withdrawal after the Financial Supervisory Service took issue with the rights issue plan, citing a lack of details surrounding the decision-making process that could harm the interests of investors. According to Yonhap News Agency, Korea Zinc announced its plan on Oct. 30 to issue 3,732,650 shares, equivalent to about 18 percent of its outstanding shares, to raise 2.5 trillion won (US$1.8 billion) at about 670,000 won apiece. The announcement surprised the market because it was released just days after its hefty share buyback ended on Oct. 23, which was aimed at fending off a takeover bid by its biggest shareholder, Young Poong Corp., and private equity firm MBK Partners Ltd. The move was widely seen as part of Korea Zinc's efforts to garner more treasury stocks wi th voting rights in the monthslong battle with the Young Poong side over its management control. Currently, Young Poong and MBK collectively own a 39.83 percent stake in Korea Zinc, while Korea Zinc Chairman Choi Yun-beom and related parties hold a 35.4 percent stake in the smelter.