LS Cable & System has become the largest shareholder of KT Submarine

LS Cable & System has become the largest shareholder of KT Submarine: COMPANY / Reporter Paul Lee / 2023-04-03 20:26:13

This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology

LS전선 R&D 연구소 (사진=LS전선)

[Alpha Biz=(Chicago) Reporter Paul Lee] LS Cable & System will become the largest shareholder of KT Submarine, a construction company specializing in underwater cables.

LS announced on the 3rd that its subsidiary LS Cable & System will purchase an additional 6,295,558 shares of KT Servmarine for 44.9 billion won.

Once the stock is acquired, LS Cable's stake in KT Submarine will increase from 16.2% to 43.8%. The stock acquisition date is July 3rd.

The deal came after LS Cable & System exercised its call option (the right to buy shares at a certain price). In October last year, LS Cable acquired 4.04 million shares, a 15.57% stake in KT Servmarine, for 25.2 billion won, and acquired the right to exercise call options to invest an additional 44.9 billion won in KT Servmarine.

LS Cable & System expects global orders to increase further by combining KT Submarine's construction technology with ship operation capabilities with submarine cable manufacturing technology.

Founded in 1995, KT Submarine has specialized capabilities and installation ships (specialized ships used to install undersea wires) for the submarine optical cable business.