LS Cable & System Asia to be renamed to reflect its new venture

2023.11.28 17:16:02 | 2023.11.28 17:50:51

[Courtesy of LS Cable & System Asia]이미지 확대

[Courtesy of LS Cable & System Asia]

LS Cable & System Asia, a leading South Korean company in Vietnam’s power cable industry, is set to rebrand as LS Eco Energy as well as venture into rare earth elements (REEs) and submarine cable businesses.

The company said on Monday its plans to hold an extraordinary shareholder meeting on December 12 to approve the name change and other related amendments.

The decision to rebrand is aligned with the company’s expansion into new business sectors. The new name signifies a leap from its existing power and communication cable-centric structure to a more extensive focus on eco-friendly energy, including submarine cables and rare earth elements.

LS Cable & System Asia recently signed a memorandum of understanding with PTSC, a subsidiary of Vietnam’s state-owned oil and gas company PetroVietnam, to collaborate on underwater projects. PTSC operates in the petroleum, gas, and energy sectors, offering services in mining as well as installing and operating ports and wind power facilities.

LS Cable & System Asia is recognized as the top player in Vietnam’s power cable market, thanks to its three decades of local business experience, and capabilities and is now positioning itself as a frontrunner in the submarine cable market. Vietnam aims to construct around 6GW of offshore wind power complexes by 2030, ranking among the top five in Asia alongside Korea and Taiwan. With PTSC’s initiatives in underwater cable construction between Vietnam and Singapore, LS Cable & System Asia anticipates expanding partnership opportunities in submarine cable projects within ASEAN countries, starting with Vietnam.

LS Cable & System Asia is also actively pursuing ventures in rare earth oxide businesses. The company plans to supply refined neodymium and other rare earth materials to general trading companies and permanent magnet manufacturers both in Korea and overseas. Neodymium is a key raw material for permanent magnets used in electric vehicles, wind turbines, and robotics.

By Cho Yun-hee and Minu Kim

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