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LS Marine Solution Submarine Cable Installation Ship GL2030. (Photo=Yonhap News) |
[Alpha Biz= Reporter Kim Sangjin] On the 24th, LS Marine Solution announced its decision to conduct a third-party allocation of new shares to LS Cable & System to raise funds for facility investment.
The third-party allocation is approximately 35 billion KRW in size, with LS Cable & System, the largest shareholder of LS Marine Solution, being the recipient. The newly issued shares consist of 2,768,549 common shares at a price of 12,642 KRW per share.
Industry observers speculate that LS Marine Solution will use the funds raised through the third-party allocation to acquire new submarine power cables. LS Marine Solution currently owns submarine telecommunication cable laying vessels such as the "World" and multi-purpose laying vessels like the "Future," as well as submarine power cable laying vessels such as the "GL2030."
If LS Cable & System produces submarine cables, LS Marine Solution is expected to use them for laying with newly acquired ships. LS Marine Solution was incorporated into LS Cable & System as a subsidiary last year. Since then, it has restructured its business focus from telecommunication cables, which were its main business, to submarine power cables, which have significant potential for cooperation with LS Cable & System.
Additionally, LS Marine Solution has been expanding its submarine cable laying business by establishing a "submarine cable material-construction value chain" with LS Cable & System to enhance its bidding capabilities.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
