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LG Corp has stakes in multiple LG Group affiliates.
AFP via Getty Images
LG Corp
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rose more than 9% Monday, after the South Korean conglomerate announced plans on Friday to buy back shares and remove a limit on future dividend payments.
LG (ticker: 003550.South Korea), which has stakes in multiple LG Group affiliates including LG Display (LPL), said after the market close on Friday that it will buy back 500 billion won ($400 million) of its own shares, representing about 4.3% of its total market capitalization, by the end of 2024.
LG had previously said it would pay out 50% of the separate net income “within the range” of the company’s dividend income. On Friday, LG said it will keep the distribution policy regardless of the range of dividend income.
The stock closed up 9.64% to 81,900 won on Monday.
Write to Lina Saigol at lina.saigol@dowjones.com
