November 29, 2024

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LS Cable & System`s undersea cable (LS Group)

LS Cable & System, LS Group’s cable manufacturing unit, said Tuesday it would make a 25.2 billion won ($17.58 million) equity investment in KT Submarine to foster its undersea cables business.

The company will acquire 4.04 million stocks, 16 percent of KT Submarine’s share, becoming the second-largest shareholder of KT Submarine.

The cable manufacturer has been expanding investment in undersea cables amid a rapidly growing demand for offshore wind power generation, which requires high-quality subsea cables.

KT Submarine, established in 1995 as an affiliate of KT Group, has been engaged in the construction of submarine cables and offshore plants and in developing offshore energy sources.

“We will be able to expand business overseas by combining our undersea cable manufacturing technology with KT Submarine’s advanced underwater power cable construction technique,” said LS Group.

LS Group Chairman Koo Ja-eun has been focusing on nurturing promising future businesses such as undersea cables, renewable energy, and materials needed to make batteries, electric vehicles, and semiconductors, since taking office in November 2021.

By Hong Yoo (yoohong@heraldcorp.com)