[Alpha Biz= Reporter Kim Jisun] LS Cable has increased its ownership in Gaon Cable, strengthening its control over the subsidiary.

According to electronic disclosure systems on the 22nd, LS Cable, the largest shareholder of Gaon Cable, acquired an additional 25,800 shares (0.35% stake) through open market purchases on the 18th, raising its total stake to 50.33%.

Gaon Cable, a company specializing in cable manufacturing, was initially acquired by LS Cable in January 2018 when it purchased a 31.59% stake from the family of the late Koo Ja-hong, the first chairman of the LS Group. Since then, LS Cable has gradually increased its stake through market purchases and capital increases, finally securing a majority stake after nearly seven years.

In addition, Gaon Cable plans to acquire LS Cable's 100% subsidiary, G&P, a cable material company, through a stock-for-stock transaction. Once the new shares are listed on November 11, LS Cable’s stake in Gaon Cable will increase to 62.93%.

 

 

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