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S. Korean cable maker aims to become Southeast Asia's No. 1 producer

All Headlines 14:14 August 28, 2016

HANOI, Aug. 28 (Yonhap) -- The Vietnamese unit of South Korea's top cable maker LS Cable & System Co., is seeking to emerge as the No. 1 cable maker in Southeast Asia on the back of increased spending by Asian countries on their outdated infrastructure, its chief said Sunday.

LS Cable Asia, set up in May last year, has two local operations -- LS VINA and LSCV -- under its wing and is the largest cable maker in Vietnam with a 30 percent market share.

"We are targeting to generate 1 trillion won (US$897 million) in sales by 2021, and hope we will benefit from massive investment by Laos, Malaysia and other Southeast Asian countries," Myung Roe-hyun, chief executive officer of LS Cable, told reporters.

He said electricity demand in Vietnam is expected to jump dramatically, which calls for LS Cable Asia to jack up capital spending. LS Asia plans to spend $15 million to expand its facilities here by 2020.

The combined sales of two Vietnamese operations were tallied at 490 billion won last year, a sharp rise from a meager 1.9 billion won in 1996.

Meanwhile, LS Asia is seeking to get listed on the South Korean stock market this year, in what could be the first market debut by a South Korean company's overseas unit.

LS Cable seeks to use the proceeds from the initial public offering (IPO) for the expansion of its presence in Southeast Asia.

The IPO is expected to be completed by September, LS Cable said earlier.

sam@yna.co.kr
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