Panoramic view of LS Cable & System Asia Ltd. subsidiary LSCV in Ho Chi Minh City, Vietnam [Courtesy of LS Cable & System]
Shares of South Korea’s LS Cable & System Asia Ltd. gained Tuesday following the company’s announcement of a business expansion plan to engage in submarine cables and rare earth elements.
Shares of LS Cable & System Asia, a subsidiary of LS Cable & System, were trading 4.6 percent higher at 14,090 won ($10.9) as of 10 a.m. on Tuesday. Earlier in the morning, the shares soared 12.32 percent.
The surge comes after LS Cable & System Asia announced that it will change its name to LS Eco Energy and promote new business ventures.
Recently, the company signed a memorandum of understanding with Petrovietnam Technical Services Corp. (PTSC), a key subsidiary of Vietnam Oil and Gas Group, to collaborate in the underwater business.
LS Cable & System Asia also plans to engage in rare earth elements by supplying neodymium and other elements to general trading companies and permanent magnet companies after refining them overseas.
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