LS Group to Become Second Largest Shareholder of KT Submarine with 15.6% Stake Acquisition

Investment of 25.2 Billion KRW in Equity... Strengthening Renewable Energy Business

LS Cable & System produces submarine cables.
[Photo by LS Group]

[Asia Economy Reporter Han Yeju] LS Group is expanding its cooperation in the renewable energy business through equity investment in KT Group's KT Submarine (KTS).

On the 11th, LS announced that its subsidiary LS Cable & System decided to acquire 4,038,232 shares of KT Submarine, an electrical and telecommunications construction company, for approximately 25.2 billion KRW. After the acquisition, LS Cable & System's stake in KT Submarine will be 15.6%, making it the second-largest shareholder after KT. The scheduled acquisition date is December 12 of this year.

KT Submarine, established in 1995, is a specialized underwater construction company with expertise in submarine optical cable projects.

Since Chairman Koo Ja-eun took office, LS Group has been discovering opportunities in renewable energy, battery, electric vehicle, semiconductor materials, and components sectors, nurturing them as promising future businesses. LS Group expects the submarine cable market to continue growing due to the global carbon neutrality policies leading to the expansion of offshore wind power generation and the increase in worldwide internet usage.

An LS Group official stated, "The combination of LS Cable & System's submarine cable manufacturing technology with KT Submarine's construction engineering technology and vessel operation capabilities will strengthen our ability to secure global projects."

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