Among Korean groups, Kakao adds 8 units and LG sheds 12 in May-July

[Photo by MK DB]

Kakao added eight units under the platform giant over the last three-month period, whereas the overall subsidiary count in major South Korean conglomerates stayed unchanged at 2,886 by the end of July.

According to data released by the Fair Trade Commission (FTC) on Tuesday, Kakao added eight subsidiaries from May to July, the most among 35 conglomerates who expanded their business arms during the period.

The internet giant established real estate rental firm Seoul Arena and acquired stakes in seven firms, including parking business operator KM Park.

At the same time, it streamlined 10 through stake sale and mergers.

Hanwha added five firms and Kolon and KG each brought four to their umbrella.

LG shed LX Holdings and 11 other firms led by Koo Bon-joon, the chairman of LX Group and the second oldest of the Koo brothers of the LG Group. Kumho Asiana separated seven subsidiaries, including Samhwa Express, also for family separation.

The total of subsidiaries held by large conglomerates amounted to 2,886 as of July, unchanged from April, by adding 71 firms and losing that many during the period.

They were added through 40 new companies and acquisition of stakes in 26. To streamline, 16 were merged, 13 were sold off, and eight liquidated.

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