Key Developments: LG Chem Ltd (LGCLF.PK)
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Latest Key Developments (Source: Significant Developments)
Xilong Chemical Co Ltd Signs Authorized Distribution Agreements with SK Networks Co., LTD and LG Chem
Xilong Chemical Co Ltd announced that it has signed an authorized distribution agreements with SK Networks Co., LTD, to distribute its Propylene Glycol USP. This distribution agreement is valid till December 31, 2013. Xilong Chemical has also signed an authorized distribution agreements with LG Chem, to distribute its isopropyl alcohol and alcohol. Full Article
LG Chem Ltd. Announces Resignation of Co-CEO
LG Chem Ltd. announced that its Co-Chief Executive Officer (Co-CEO), Kim Ban Seok, has resigned from the Company, effective March 15, 2013. The current Co-CEOs, Park Jin Su, Park Yeong Gi and Gwon Yeong Su, continue their duties as Co-CEOs at the Company. Full Article
LG Chem Ltd. Declares Annual Cash Dividend for FY 2012
LG Chem Ltd. announced that its Board of Directors has declared an annual cash dividend of KRW 4,000 per share of common stock and KRW 4,050 per share of preferred stock for the fiscal year 2012 to shareholders of record on December 31, 2012. The dividend rates of market prices are 1.2% (common shares) and 3.8% (preferred shares), respectively. The total cash dividend amount is KRW 294,520,018,100. Full Article
Bharat Petroleum Corp Ltd Signs MOU With LG Chem Ltd For Setting Up Petrochemical Plant In Kochi
Bharat Petroleum Corp Ltd and LG Chem Ltd announced that they have signed an MOU for forming a Joint Venture to set up a petrochemical plant adjacent to its Kochi Refinery complex. BPCL would be investing approximately INR14,000 Crores (INR140 billion) over the next five years for expansion of its Kochi Refinery. As part of the expansion project, BPCL would be setting up a Petrochemical Fluid Catalytic Cracker (PFCC) which would generate 500 TMTPA of Propylene, thereby, providing BPCL a launching pad for diversification into Petrochemicals. The petrochemical project would be set up in the JV mode at an additional cost of INR4,000 crores-INR6,000 Crores adjacent to the Kochi Refinery and is slated for completion in the next four years dovetailed with the refinery expansion project. Full Article
LG Chem Ltd. to Invest in New Facilities
LG Chem Ltd. announced that it will invest KRW 700 billion in new facilities to increase the production and strengthen the competitiveness during the period from April 30, 2012 to March 31, 2014. Full Article
LG Chem Ltd. Appoints New Co-CEOs
LG Chem Ltd. announced that it has appointed Park Jin Su, Park Yeong Gi and Gwon Yeong Su as its new Co-Chief Executive Officers (Co-CEOs), effective March 16, 2012. The current Chief Executive Officer, Kim Ban Seok, continues his duty as Co-CEO at the Company. Full Article
LG Chem Ltd. Declares Annual Cash Dividend for FY 2011
LG Chem Ltd. announced that its Board of Directors has declared an annual cash dividend of KRW 4,000 per share of common stock and KRW 4,050 per share of preferred stock for the fiscal year 2011 to shareholders of record on December 31, 2011. The dividend rates of market prices are 1.2% (common shares) and 3.7% (preferred shares), respectively. The total cash dividend amount is KRW 294,520,042,100. Full Article
LG Chem Ltd. Denies Plan To Spin Off Battery Business-Reuters
Reuters reported that LG Chem Ltd. denied a media report on Wednesday that it planned to spin off its battery division in the first half of next year. The report by the Maeil Business Newspaper came after LG Chem last week said it would create an integrated division encompassing batteries used in mobile devices, laptops and electric vehicles, and named the former chief executive of its affiliate LG Display to lead it. Full Article
LG Chem Ltd. Signs $4 Billion Kazakh Petrochem Deal
Reuters reported that LG Chem Ltd. has signed a deal worth at least $4 billion on develop a large petrochemical complex in Kazakhstan. LG Chem said it would construct the complex near the western Kazakh city of Atyrau as part of a 50-50 joint venture with Kazakhstan Petrochemical Industries (KPI). Commercial production is scheduled to begin in 2016. Full Article
LG Chem Ltd. Announces Changes in Shareholding Structure
LG Chem Ltd. announced that Capital Group International, Inc. and 122 related parties have acquired 3,236,630 shares of the Company, representing a 4.88% stake. Full Article
LG Chem to start production at U.S. car battery plant in July
SEOUL, May 6 - South Korean battery maker LG Chem Ltd plans to begin commercial production at its U.S. factory in July and will initially supply its products to General Motors Co's Volt electric vehicles, it said on Monday.
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