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LG wants to sell $945 million in stock to keep phone business afloat

Thursday, November 3rd, 2011

LG wants to sell $ 945 million in stock to keep phone business afloat
News from Mobile Burn:

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LG has announced its intent to option $ 945 million worth of stock in order to supply funds to its flailing smartphone division. As a result, LG’s stock value dropped 14 percent, based on shareholder’s concerns that the optioning would dilute their shares’ value.

LG’s mobile phone division has not done well for a good amount of time, as it has posted losses for six consecutive quarters. The Korean company faces stiff competition from its hometown rival Samsung, as well as other smartphone makers like Apple and HTC. LG has lost nearly 1 trillion KRW (US$ 887million) in its handset division over the last six quarters.

“The rights offering is aimed at securing ample resources required to improve competitiveness of our core businesses… We’ll continue to invest in our core businesses including smartphones, to regain our initiative,” said LG.

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