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Politics : Formerly About Applied Materials

AMAT 325.15

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To: StanX Long who wrote (62556)	4/1/2002 4:20:48 AM
From: StanX Long	Read Replies (1) of 70976

LG group launches key restructuring step Monday April 1, 3:41 PM sg.news.yahoo.com South Korea's third largest family-controlled conglomerate the LG group launched a key part of its restructuring by setting up a holding company for LG Electronics Inc. LGE will be a subsidiary of holding company LG Electronics Investment (LGEI), which is controlled by LG group chairman Koo Bon-Moo. The move is crucial to the restructuring of the 'chaebol' conglomerate which has 46 subsidiaries and 130,000 employees and follows the creation of a holding company for chemical units a year ago. "LGEI, a holding company, will focus on managing its stakes in affiliates and subsidiaries to enhance shareholder value," LGE said in a statement on Monday. Since the group announced its plan to set up LGEI on November 15, LGE shares have staged a strong rally, with its market capitalization soaring to 6.9 trillion (5.3 billion dollars) won at the end of March from 2.7 trillion won. LGE shares stood at 45,000 won on Thursday when their trading was suspended. The stock will be relisted on April 25, when the company completes the distribution of new shares. LG Electronics' existing shareholders will receive nine shares in the new LGE and one in the holding company for every 10 LGE shares currently held. Analysts and investors have described the shake-up as the most successful restructuring of South Korea's chaebol following the battering they took in the 1997 Asian financial crisis.

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