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LG considers selling stakes in IT arm: Report

IANS  |  Seoul 

South Korea's major family-controlled said on Tuesday it is currently considering selling stakes in its (IT) arm

"We plan to sell to beef up competitiveness, although nothing in detail has been decided yet," an from said.

The sale apparently comes in response to the Fair Trade Commission's move to bolster regulations against intra-affiliate trades of family-controlled business groups, market watchers said.

at which 20 per cent or more of shares are owned by controlling families are subject to tougher regulations, reported.

The upcoming measure includes affiliates in which more than 50 per cent of shares are owned by such firms.

Accordingly, LG needs to sell more than 35 per cent of its stakes in to avoid the new regulations.

--IANS

ksc/prs

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 20:50 IST
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