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LG Chem’s move to split off its battery business received final approval from 82.3 of about 77.5 of shareholders that attended the meeting Friday at the LG Twin Towers in Yeouido, western Seoul.
The split-off required approval from at least two-thirds of attending shareholders who possess at least one-third of all issued shares.
The approval rate, according to LG Chem spokesman, is significantly high and the company believes almost all foreign investors voted yes.
The spokesman added that it seems the National Pension Service, which holds a 10.4 percent stake, voted against it.
Following the approval, the company's battery business division will transform into a wholly-owned subsidiary named LG Energy Solution, to be officially launched Dec. 1.
It has not yet been decided who would lead LG Energy Solution.
In asking shareholders to support the split-off, LG Chem Vice Chairman Shin Hak-cheol said the move would boost the dominant standing of their battery business.
The rapid expansion of LG Chem’s battery production facilities caused the company's net debt to surge to 8 trillion won and its debt ratio to exceed 100 percent.
To fund their further of its battery business, LG Chem will sell 20 to 30 percent stake in LG Energy Solution within a few years after it goes public.
The split-off will leave LG Chem with three business divisions: petrochemicals, life sciences, and advanced materials.
Retail investors who invested in LG Chem for the battery business pointed out that the stock plummeted from 870,000 won to 650,000 won after the split-off was announced.
