Shares of Korea Zinc, the world’s largest zinc smelter, jumped almost 30 percent on Thursday amid speculation that the prolonged power struggle between the current management and the MBK Partners-Young Poong coalition could push the share price up further in the coming weeks.

As of 3 p.m., the shares were trading at 1.13 million won, up 29.91 percent from the previous closing price, hitting the upper circuit limit.

The uptick comes after the tender offer of the current management closed Wednesday. The stock closed at 876,000 won ($634.74) that day, lower than the tender offer of 890,000 won.

Korea Zinc was one of the only two stocks, together with Samsung Biologics, that exceeded the 1 million bar during Thursday’s trading.

Korea Zinc’s market cap also soared to 23.56 trillion won, becoming the 14th largest company listed on the main bourse Kospi. On Sept. 13 when the ownership dispute started, its market cap remained at about 10 trillion won.

Shares of Young Poong Precision, a Korea Zinc affiliate listed on the secondary bourse Kosdaq, also hit the 30 percent upper limit at 26,000 won. The company, with a 1.85 percent stake in Korea Zinc, is considered a key player in the ongoing proxy fight.

Korea Zinc did not release the result of the treasury share buyback campaign as of press time. The management, led by Chairman Choi Yun-beom, is estimated to have secured up to 36.49 percent stakes in the company, including those acquired by its financial ally Bain Capital.

The MBK-Young Poong coalition, in the meantime, has secured almost 38 percent stakes in Korea Zinc so far.

With both sides seemingly failing to secure a majority stake, their battle is expected to be extended to floor trading, possibly driving up share prices for some time.