South Korea’s LG shareholders approve plan to spin off affiliates

SEOUL: South Korea’s LG Corp shareholders on Friday approved the company’s plan to spin off five affiliates, which LG said would allow it to focus on existing core businesses such as electronics, chemicals and telecommunications services.

LG announced in November that it would spin off a new holding company and transfer its holdings in LG International Corp, LG Hausys Ltd, Silicon Works Co Ltd, LG MMA Corp and Pantos Logistics Co into the new entity.

The move marks the latest reorganisation at one of the country’s family-led conglomerates as they pass to a new generation.