[Alpha Biz= Reporter Kim Minyoung] On the 22nd, the Financial Supervisory Service announced that KT disposed of 600,000 shares of LS Marine Solution (formerly KT Submarine) through a block deal (off-hours large-volume trading) on the 17th. The sale amounted to 12.8 billion KRW, with the shares sold at 21,385 KRW per share, which is 5.6% lower than the closing price on the sale date. This transaction reduced KT's stake from 6.3% to 4.2%.
LS Marine Solution is the successor of KT Submarine, a subsidiary of the KT Group. In 2022, KT transferred management rights of LS Marine Solution to LS Cable & System. That year, LS Cable & System participated in a capital increase through a third-party allotment, investing 25.2 billion KRW and securing a 16% stake. In 2023, LS Cable & System acquired an additional 24.3% stake from KT for 44.9 billion KRW, obtaining management control at a purchase price of 6,479 KRW per share.
Even after selling management control, KT retained a 6.3% stake in LS Marine Solution and was granted a put option to sell this stake to LS Cable & System by August 16th at 7,134 KRW per share. However, as the stock price of LS Marine Solution surged, far exceeding the put option price, KT opted not to exercise the put option and instead sold the shares through a block deal. LS Marine Solution shares closed at 20,800 KRW on the sale day.
AlphaBIZ Kim Minyoung(kimmy@alphabiz.co.kr)
