KT Submarine specializes in building undersea fiber optic cables that connect countries through cables laid along the ocean floor LS Cable manufactures undersea cables. The investment also aims to bolster the group’s presence in the offshore wind power market, which is expected to grow as part of the global campaign for zero-carbon emissions. KT Submarine said in a separate filing it will pour the proceeds from the rights offering into its facilities. is the largest shareholder with a 37% stake. LS Cable said in a regulatory filing it will buy 4 million shares of Kosdaq-listed KT Submarine to boost its ownership stake in the latter to 15.6%.Īt present, telecom service provider KT Corp. The stake purchase, due in December, is in line with LS Group’s push into the renewable energy market after Chairman Koo Ja-eun took the helm of the conglomerate in late 2021. after buying the undersea cable construction company’s new shares for 25.2 billion won ($17.6 million), LS Cable & System Co. South Korea’s LS Group will become the No. LS Cable & System workers load submarine cables onto a ship
