LG Electronics’ stock soars on corporate value-up plan details

(Han Joo-hyung)

LG Electronics Inc. saw its shares rise on Wednesday morning following the announcement of its corporate value-up plan.

Shares of LG Electronics were up 3.53 percent at 99,700 won ($72.03) as of 10:28 a.m. Earlier, the stock surged 4.15 percent to 100,300 won.

The gain comes after LG Electronics disclosed Tuesday details on its plan to improve corporate value, including mid- to long-term business strategies and shareholder return policies.

In particular, LG Electronics announced a plan to achieve the 7-7-7- target by 2030, which includes an annual average growth rate and operating margin of 7 percent, and increasing corporate value sevenfold.

The company also aims to reach 100 trillion won in consolidated sales.

LG Electronics also unveiled plans to return more than 25 percent of its consolidated net profit to shareholders over the next three years until 2026.

The company is also considering cancelling treasury shares and purchasing additional shares.

Korea Zinc Co. also saw its stock rise on Wednesday morning, the final day of a tender offer by Choi Yun-beom, chairman of Korea Zinc.

The stock was trading at 875,000 won as of 10:37 a.m., up 0.11 percent from the previous session, though still below Choi’s tender offer price of 890,000 won.

The stock of Samsung Electronics Co., in the meantime, continued to remain weak on Wednesday morning.

Shares of Samsung Electronics were trading at 57,700 won as of 10:35 a.m., remaining flat from the previous session.

Earlier in the day, the stock dropped 1.04 percent to 57,100 won to record a new 52-week low for the third consecutive day since Monday.