LS Cable & System acquires additional 27.6% of KT Submarine shares to become largest shareholder

LS Cable & System is set to become the largest shareholder by acquiring additional shares of KT Submarine, a company specializing in submarine cable maintenance.

LS announced on the 3rd that its subsidiary LS Cable & System will acquire 6,290,558 shares of KT Submarine for 44.877 billion KRW.

The acquisition is scheduled for July 3. Afterward, LS Cable & System's stake in KT Submarine will increase from 16.2% to 43.8%, making it the largest shareholder.

LS stated that the purpose of the acquisition is to "strengthen business synergy through share acquisition."

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