[서울신문] LG Cleavage Separation Confirmed, Gu Bonjun’s’LX Holdings’ launched in May

76% of shareholders’ approval

LG Group’s new holding company,’LX Holdings’, will be launched on May 1.

LG Corp.’s board of directors holds a general shareholders’ meeting at LG Twin Tower in Yeouido, Seoul on the 26th, and separates the investment divisions of four subsidiaries, including LG International, LG Hausys, Silicon Works, and LG MMA, and establishes a new holding company,’LX Holdings,’ Approved the plan for division. Accordingly, the LG Group will be reorganized into two holding companies: LG Corp., a surviving holding company, and LX Holdings Inc., a new holding company. On this day, the shareholders’ attendance rate was 89.2%, and 76.6% agreed on the agenda for the division of the holding company. It is said that the approval rate is higher than the initial concern. The National Pension Service, which owns a 7.8% stake, did not disclose its position on the vote to the outside.

This division of division is a way to specialize in the business management area and to enhance the business structure. The newly established LX Holdings plans to maximize corporate value by fostering business companies with growth potential as flagship companies. In November of last year, the LG Group announced a plan to divide the group, with the content of the division of the affiliates under the guidance of the uncle of Chairman Gu Kwang-mo, Koo Bon-jun.

“Last year, LG Corp., along with its subsidiaries, reorganized its non-core business according to its selection and concentration strategy, and enhanced its business portfolio in the direction of reinforcing the competitiveness of its main business and growth business,” said Chairman Koo in a greeting from the business report on the day. This year, LG will also take on the challenge of responding quickly to changes, thoroughly managing risks, and becoming a customer-oriented company.”

Meanwhile, Korea Land Information Corporation (LX), an agency under the Ministry of Land, Infrastructure and Transport, using the same name in English, protested the launch of LX Holdings again on the same day. President Kim Jeong-ryul said in a press release on the day that “LX is a quasi-governmental organization under the Ministry of Land, Infrastructure and Transport that does not represent the interests of a specific person or a specific institution. “LX Holdings’ trademark application undermines the publicity of LX, a quasi-governmental organization.” .

Reporter Ahn Seok [email protected]