LS Electric said on the 5th that it decided to lower the par value (the nominal value of a share) from 5,000 won to 1,000 won through a stock partitioning.
The company said the move is aimed at increasing the number of shares in circulation to boost the liquidity of stock transactions.
With this stock partitioning, the total number of issued shares will increase from 3,000 to 150 million common shares.
The agenda item is scheduled to be submitted to the regular shareholders meeting on Mar. 26.
The effective date of the new shares is Apr. 10, and the trading suspension period is from Apr. 8 to 10. The new shares are scheduled to be listed on Apr. 13.
In addition, LS Electric said the same day that it decided on a cash settlement of account dividends of 3,000 won per common share. The total dividend aggregates are about 89.21 billion won, and the dividend yield is 0.5%. The record date for the dividend is Feb. 27.
The dividend is scheduled to be paid on Apr. 9, following approval at the regular shareholders meeting set for the 26th of next month.