[Edaily Kwon Oh Seok Shin Ha-yeon Reporter] Attention is mounting in the industry over the possibility of a management control dispute involving KOSDAQ-listed #MeatBox Global Inc. and its competitor, the livestock product distributor “The Tastier Day.” While The Tastier Day has publicly distanced itself by claiming its involvement is merely an investment, it has been steadily increasing its stake. Furthermore, with demands for management participation now emerging even among minority shareholders, all eyes are on whether this will escalate into a three-way power struggle.

According to MP Doctor on the 1st, MeatBox Global Inc.’s stock price has fallen by half compared to its initial public offering price (19,000 won) at the time of its listing last January, dropping to the 8,000-won range by mid-last month. With shareholder dissatisfaction reaching a peak, concerns are being raised that the largest shareholder’s control over management could be threatened as a key shareholder rapidly increases their stake amid the falling stock price. MeatBox Global Inc., which is currently implementing a 200% stock split, saw its stock price fall on the ex-rights date of the 16th of last month, closing at 2,730 won during regular trading that day.
Park Jin-ho, CEO of The Tastier Day, and his affiliates have been steadily acquiring shares in MeatBox Global Inc. since early this year, raising their stake to 11.03% and effectively becoming the second-largest shareholder. They have now risen to the ranks of major shareholders, moving beyond a simple investment. The Tastier Day is a company specializing in the import and distribution of poultry and pork, and it is also a partner listed on the MeatBox platform.
In a phone call with this publication, a representative from “A More Delicious Day” drew a clear line, stating, “This investment was made based on MeatBox Global Inc.’s growth potential and corporate value.” In fact, the disclosure documents also describe it as a “simple investment.” Nevertheless, the market interprets this acquisition of a competitor’s shares as a prelude to a management control dispute. Under current law, if the reporting party submits a disclosure regarding a change in the purpose of holding the shares, they can switch to the purpose of participating in management control at any time.
It is fair to say that the decline in the stock price lies behind the instability in management control. Since MeatBox Global Inc.’s initial public offering in January 2025—when the offering price was 19,000 won—the stock price has plummeted. Outraged retail investors are demanding that the second-largest shareholder, The Tastier Day, become involved in management, arguing in online stock discussion forums that “The Tastier Day must secure management control.”
Perhaps sensing a crisis, MeatBox Global Inc.’s management is devoting all its efforts to consolidating control and defending the stock price. A MeatBox Global Inc. official dismissed the possibility of a dispute, stating, “Through a meeting with CEO Park Jin-ho’s side, we confirmed that their intention is purely for investment purposes,” and added, “We look forward to strengthening our long-term cooperative relationship.”
However, a closer look at their current actions reveals that the largest shareholder is actively taking defensive measures. Kim Ki-bong, CEO of MeatBox Global Inc., who holds a 20.67% stake, has invested 1 billion won of his personal funds to begin buying back company shares starting this month under the pretext of strengthening responsible management, and plans to continue purchasing shares annually. This move is interpreted as a strategy to secure additional shares and defend management control.
At the same time, the company has carried out a stock split to help the stock price recover. MeatBox Global Inc. acknowledges that the stock price is undervalued relative to its performance and is actively implementing policies to boost the share price. At the regular shareholders’ meeting last March, the company finalized a cash dividend totaling 561.3 million won, and in September, it successively announced the stock split and CEO Kim Ki-bong’s share buyback. As part of his commitment to responsible management and shareholder return policies, CEO Kim has been consistently announcing share buybacks since the beginning of this year. Last April, he also purchased 15,000 shares of the company’s stock on the open market in three separate transactions.
MeatBox Global Inc. explained, “To ensure sustained growth, we are expanding our product categories, such as ‘Yukmart’ (a product section targeting small restaurants) and seafood, while continuously extending order cutoff times and improving delivery services to enhance the customer experience.” The company added, “We plan to continue reviewing and implementing various initiatives to enhance shareholder value, including dividends and share buybacks.” Furthermore, the company dismissed the possibility of a management control dispute, stating, “Through mutual meetings, we confirmed that the investment was made purely for investment purposes, and as they are a partner vendor, we look forward to strengthening our long-term relationship.”
Jang Jun-hee, Head of Commerce Strategy at MeatBox Global Inc., added, “Based on our assessment that the current stock price is undervalued relative to the company’s fundamentals and growth potential, we are preparing and implementing proactive policies to enhance shareholder value.” He continued, “Moving forward, we will actively seek and pursue measures that can simultaneously boost business competitiveness and profitability, as well as the value of both the company and its shareholders, through sustained growth.”