Last week, parent LG Electronics announced that it was dispose of part of its holding in LG Philips. Now the company says that LG Electronics and Philips may each offer 6.71 million shares worth $600m in total in the US market or via a private placement in South Korea.
When the joint venture listed on the Seoul and New York Stock Exchanges last July, both parents were effectively locked into the operation for a 12-month period. This lock-in expires on July 23.
Philips and LG Electronics each hold a 44.75% stake in the flat-screen venture, and their holdings will be reduced to 39.26% after the combined $1.8bn share sale by LG Philips and the two parent firms.
The subscription, payment, and listing will take place in the third quarter of 2005, with exact dates to be decided later.
