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LG Electronics has decided to sell off its twin towers in Beijing to secure liquidity amid global uncertainties and to invest in future growth engines, the company said Friday.
The company’s board of directors has agreed to sell its entire 49 percent stake in LG Holdings Hong Kong, which wholly owns LG Beijing Twin Towers, to RECO Changan Private, owned by Singaporean fund GIC.
The price for the 49 percent stake is 668.8 billion won ($561.7 million), the company said.
LG plans to sign a stock purchase agreement this month and finalize the deal by the end of April.
Some $400 million was invested by LG Electronics, LG Chemical and LG International for the buildings constructed by GS Engineering and Construction in 2005.
By Kim Byung-wook (kbw@heraldcorp.com)
