LG Chem, Finalizes battery business spin-off by electronic voting of shareholders
LG Chem, Finalizes battery business spin-off by electronic voting of shareholders
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  • 승인 2020.09.17 18:15
  • 최종수정 2020.09.18 07:46
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사진=LG화학
사진=LG화학

[Infostock Daily= Reporter An Hoe Hyun] LG Chem will introduce an electronic voting system that can exercise voting rights in non-face-to-face without attending the general meeting of shareholders. The first target is a vote on whether to spin off the battery business, which will be held at an extraordinary shareholders meeting on the 30th of next month.

"We have decided to introduce and implement an electronic voting system to enhance shareholder convenience in exercising voting rights," LG Chem said at a board meeting held on the morning of the 17th.

"As a result, shareholders can exercise their voting rights electronically without attending the general meeting from the extraordinary shareholders meeting, which is scheduled to be held this time," the company added, adding, "We will inform them of specific procedures and methods for electronic voting through public announcement of convening the shareholders meeting in the future."

Earlier in the day, LG Chem's board of directors voted to split the company's battery business. The battery business division is in charge of high value-added battery business, which is the core of LG Chem such as batteries for electric vehicles and batteries for energy storage devices (ESS).

LG Chem will hold an extraordinary shareholders meeting at 9 a.m. on the 30th of next month at its headquarters in Yeongdeungpo-gu, Seoul, to finalize whether to spin off the plant or not. The bill of the extraordinary shareholders meeting includes an audit report and approval of the company division plan. The confirmation date for the shareholder list is the 5th of next month, and voting rights can be exercised through electronic voting without attending the general meeting.

If approved by the shareholders' meeting, the battery business division will be officially launched as ‘LG Energy Solution(tentative name)’ in December and become a 100% subsidiary of LG Chem.

However, since this spin-off is not a 'personal division' in which new shares are allocated to shareholders according to the split ratio, but a 'physical division' method in which the company takes 100% of its shares as they are, there is a strong backlash from shareholders. According to LG Chem's semi-annual report this year, the company's largest shareholder is LG Corp., the group's holding company, which holds 30.06% stake. It was followed by 9.96% owned by the National Pension Service and 54.33% by minority shareholders.

Regarding this, LG Chem explained, "We have chosen a physical division method that can maintain control of battery business and secure financial power through IPO and stake sale."

Reporter An Hoe Hyun ahh@infostock.co.kr


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