LG International, a South Korean trading company, said Friday that it will dispose of its remaining stake in GS Retail Co. to finance its overseas resource exploration and improve its financial health.
LG plans to sell its 11.97 percent stake, or 9.21 million shares, in GS Retail, a local convenience chain operator, through a block deal after the close of the local stock market, the company said in a regulatory filing.
The stake sale will lower LG’s stake in GS Retail to zero, said LG, the trading arm of local conglomerate LG Group. GS Retail belongs to GS Group, which was separated from LG Group in 2005.
LG sold its 20 percent stake in GS Retail in December last year when the convenience chain operator made its debut on the local main stock market.
The company said it will use the proceeds from the stake sale to improve its financial structure and explore overseas natural resources. (Yonhap News)
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