LG's New Holding Company Named 'LX Holdings'... Approval at Shareholders' Meeting on 26th

'LX' trademark filed by LG Group holding company (Photo by Korea Intellectual Property Information Service capture)

[Asia Economy Reporter Jeong Hyunjin] The name of the newly established holding company to be spun off from LG Group has been tentatively decided as LX Holdings Co., Ltd. This name is expected to be finalized at the shareholders' meeting to be held on the 26th of this month.

According to the notice of the shareholders' meeting announced by LG Corp. on the 11th, LG Corp. will approve the holding company spin-off plan, including the name LX Holdings, at this month's shareholders' meeting. Once the company split is approved at the meeting, LG Group's holding companies will be reorganized into two holding companies: LG Corp. and LX Holdings Co., Ltd. The split date is May 1.

Previously, LG Corp. decided to separate four companies?LG International (including Pantos), LG Hausys, Silicon Works, and LG MMA?as part of the separation process with Advisor Koo Bon-joon, and to establish a new holding company on May 1. The provisional name LG New Holding Co., Ltd. has now been finalized as LX Holdings.

With the holding company split, Chairman Koo Kwang-mo and Advisor Koo Bon-joon will proceed with the full-scale separation of affiliates. Regarding the split, the trading suspension period is scheduled from April 29 to May 26, and the relisting date is May 27. The business community expects the affiliate separation to be completed by the end of the year at the latest.

The split ratio was set based on the net asset book value on the separate financial statements of the surviving and newly established holding companies, with LG Corp. at 0.9115879 and the new holding company at 0.0884121.

After the split, both companies plan to establish an independent and responsible management system to strengthen the core roles of holding companies, such as managing subsidiary performance, managing business portfolios, and enhancing transparency in ownership and governance structures. They aim to maximize the growth potential of each business division, advance business structures, and lay the foundation for sustainable future growth.

This content was produced with the assistance of AI translation services.