By Hyunjoo Jin and Heejin Kim
SEOUL (Reuters) -South Korea’s LG Chem said on Wednesday it plans to sell 2 trillion Korean won ($1.43 billion) worth of shares in its battery unit LG Energy Solution to help improve finances and boost its corporate value.
LG Chem will sign a price return swap with investors for the stake sale, the company said in a press release on Wednesday.
The proceeds from the sale will be spent on reducing loans used for new businesses like battery materials and biotech, it said.
The stake sale will lower LG Chem’s share in LG Energy by 2.5% to 79.4%, according to the company.
($1=1,402.5000 won)
(Reporting by Hyunjoo Jin; Editing by Mrigank Dhaniwala)
Comments