LG bailing out on Hanaro stakes
LG Group, the former largest shareholder of Hanaro Telecom, has decided to sell every share in the telecom company owned by the affiliated companies of LG. The decision was reached in an extraordinary board of directors yesterday. LG Corp., which owns 11.17 million shares of Hanaro, or a 4 percent stake, will sell those holdings in a year. The group said it planned also to jettison the 9 percent stake held by Dacom and LG Telecom. LG sold 6 million Hanaro shares that LG Investment and Securities owned after Hanaro shareholders approved an investment by the AIG-Newbridge consortium on Oct. 21. But the conglomerate said it has not given up the telecommunications business. It said telecommunications would remain a main business of the group.
with the Korea JoongAng Daily
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