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February 28, 2008 |
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LG TELECOM: Plans to Move to Korea Exchange LG Telecom Ltd. plans to move to the Korea Exchange from its current listing in the Kosdaq market, Reuters reports. The report explains that moving to the main exchange usually helps a company draw interest from funds and investors who choose not to buy Kosdaq shares due to price volatility and limited trading volume. Rhee So-eui of Reuters writes that the company has 18% of the South Korean telecom market, where nine out of ten have a mobile phone. The listing on the Korea Exchange, pending shareholder approval, will take about two months, the report adds. Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd. -- http://www.lgtelecom.com/ -- is a telecommunications and mobile phone operator controlled by the LG Group, one of the country's largest chaebol. It is Korea's smallest wireless operator. LG Telecom became one of the first companies to launch a commercial 3G service using PCS technology. In 1997, this was followed up by launching the second PCS network, offering greatly increased data transmission speeds. LG Telecom also offers a variety of internet services. BankOn is one of the most popular mobile banking services in South Korea and Musicon is a popular instant messenger. Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long- Term Foreign Issuer Credit and Long-Term Local Issuer Credit Ratings. As reported in the Troubled Company Reporter-Asia Pacific on March 27, 2007, Moody's Investors Service upgraded LG Telecom's foreign currency corporate family rating and senior unsecured bond rating to Ba1 from Ba2. Moody' said the outlook on the rating is stable. On Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign currency Issuer Default rating to 'BB+' from 'BB.' |
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