By 4-Traders
LS Cable & System (President & CEO Jaeun Koo) called a board meeting on the 21st during which it was decided to separate the overseas investment division of CYPRUS, a U.S. subsidiary, and its domestic real estate development division. The two units will be combined to form a new company tentatively named LS I&D. When the spin-off is completed, LS Cable & System shareholders will be allotted shares of the new company in proportion to their existing ownership.
Through this move, LS Cable & System plans to improve its global competitiveness by focusing only on the company's core businesses, namely submarine and extra high-voltage cables. In addition, LS Cable & System anticipates that the spin-off will strengthen the company's investment capabilities for future growth while improving its financial soundness and profitability by reducing its debt ratio.
