LG introduced in November that it will spin off a brand new holding firm and switch its holdings in LG Worldwide Corp, LG Hausys Ltd, Silicon Works Co Ltd, LG MMA Corp and Pantos Logistics Co into the brand new entity.
The transfer marks the newest reorganisation at one of many nation’s family-led conglomerates as they go to a brand new era.
The plan was accepted by 76.6% of the shareholders in attendance at an annual normal shareholders’ assembly on Friday, LG mentioned in an announcement, regardless of hedge fund opposition and proxy advisers’ suggestions in opposition to the plan. Simply over 89% of all LG Corp’s shareholders attended the assembly.
Critics mentioned the plan didn’t handle points associated to capital administration and round firm shares buying and selling at a reduction to their internet asset worth (NAV).
A few of LG’s different associates make batteries and shows utilized in General Motors, Tesla and Apple merchandise.
