LG Corp. to get rid of entire 11.97% stake in GS RetailLG Corp., a Korean trading company, said yesterday that it will dispose of its remaining stake in GS Retail 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.
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