Seoul: LS Corp., the holding company of LS Group, announced its decision to invest 150 billion won (US$102.8 million) in its subsidiary LS Cable and System Ltd. to back a significant project focused on constructing a submarine power cable plant in the United States.

According to Yonhap News Agency, the investment was approved during a board meeting where directors agreed to purchase approximately 1.7 million common shares in LS Cable at 88,500 won per share. This transaction, scheduled for December 19, is expected to increase LS Corp.'s ownership stake in LS Cable from 92.31 percent to 92.52 percent.

The funds raised through this investment will support LS Cable's capital increase, which was announced on October 29. This capital is earmarked for a 1 trillion-won project aimed at building a submarine power cable plant in Chesapeake, Virginia. The groundbreaking for the plant took place in April, with completion expected by the third quarter of 2027 and operations set to commence in the first quarter of 2028.

An official from LS stated that the decision to invest, rather than provide loans, is intended to stabilize the company's balance sheet. "This investment will support the group's future growth and enhance shareholder value," the official noted.