Sunday , October 17 2021

LG and LG CNS sell stake

Yeouido LG Twin Tower, Seoul. (Photo = ZDNet Korea)

The LG Group plans to sell its stake in LG CNS, an affiliate of SI. It is interpreted as a precautionary measure to escape the Fair Trade Commission regulations.

According to the LG Group on March 11, LG Corp., a holding company, selected JP Morgan as a subsidiary to sell part of its stake in LG CNS.

The sales target is more than 37% of LG Corp.'s stake. in LG CNS, which is 87.3%. According to the amendment to the Fair Trade Act, which is currently pending in the National Assembly, if a company with 20% or more of the total family owns 50% or more of the subsidiary's stake, LG Chairman Koo Kwang-moo , and owner of LG Corp. owns 46.6% of the shares of LG Corp.

The LG Group said it is considering selling its stake in LG CNS to increase its competitiveness in business. "There is no specific decision yet."

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