LS Cable & System Conducts Share Buyback in OTC Market... "Set at 61,570 KRW per Share"

[Asia Economy Reporter Jeong Hyunjin] LS Cable & System announced on the 28th that it will repurchase its own shares through the over-the-counter market.

LS Cable & System set the repurchase price at 61,570 KRW per share. The company explained, "This price is higher than the initial public offering (IPO) price of 57,500 KRW in 2010," adding, "It is a form of compensation for shareholders who have been waiting for the IPO." LS Cable & System further stated that since the stock price has remained at about 65% of the initial IPO price for several years, the company aims to fulfill its social responsibility by providing shareholders with an opportunity to liquidate assets that have been tied up.

LS Cable & System said that the IPO is expected to be possible once investments for growth areas such as submarine cables and electric vehicle components are completed and the company's value can be properly evaluated by the market. A company official said, "Over-the-counter traded shares have low liquidity, making them difficult to convert into cash. Since shareholders' stocks have been tied up for a long time, we have created an opportunity for them to easily dispose of their assets."

The total number of issued shares of LS Cable & System is 18,750,397, with the holding company, LS Corporation, owning 89.3%, and minority shareholders holding 10.7%. The company expects active participation from shareholders in this share repurchase.

Applications for stock transfer can be made through KB Securities from June 8 to July 8. Eligible shareholders are those registered in LS Cable & System’s shareholder registry as of 6 p.m. on July 13.

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