LS Cable & System Becomes Largest Shareholder of KT Submarine... Establishing Undersea Business Value Chain

Secured 45.69% Stake in KTS
Company Name Changed to LS Marine Solution

LS Cable & System has become the largest shareholder of KT Submarine (KTS).

LS Cable & System announced on the 17th that it purchased 24.3% (6,290,558 shares) of KTS from KT for 44.9 billion KRW, securing a total of 45.69% ownership. With this, all acquisition procedures were completed about four months after tentatively securing management control shares through a call option contract in April.

[Photo by LS Cable]

An LS Cable & System official said, "With the acquisition of KTS, we have strengthened our underwater construction capabilities, enabling turnkey supply from production to installation of submarine cables."

KTS plans to hold an extraordinary general meeting of shareholders on the same day to approve agenda items including the amendment of the articles of incorporation to change the company name to 'LS Marine Solution.'

In the first half of this year, KTS achieved the highest operating profit and net profit in 20 years, supported by participation in the new growth engine submarine power cable business and asset efficiency improvements. Industry experts expect that the expansion of domestic offshore wind farm construction and the West Coast transmission network construction project under the '10th Long-Term Transmission and Transformation Facility Plan' will also present opportunities for KTS.

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