S.Korea’s LS Group wins regulatory nod for securities biz

South Korea’s electrics components-to-energy conglomerate LS Group is set to start the securities business as it secured regulatory approval to become the largest shareholder in a domestic brokerage house.

The Financial Services Commission (FSC) said on Thursday the regulator approved the change of the top shareholder of eBest Investment & Securities Co. to LS Networks Corp., the group’s retail unit, from G&A Private Equity Fund (PEF).

LS Network is the largest limited partner of G&A PEF, the current top shareholder of eBest, with a 98.8% stake.

The approval allows LS Network to take over the entire 61.71 % stake of eBest held by the PEF.

LS Network is expected to take various measures to improve the brokerage house’s profitability while changing its names, industry sources said.

Write to Han-Gyeol Seon at always@hankyung.com
 
Jongwoo Cheon edited this article.