KT Submarine Co., Ltd. announced a private placement of 4,038,232 common shares at an issue price of KRW 6,230 for an aggregate gross proceeds of KRW 25,158,185,360 on October 11, 2022. The transaction will include participation from LS Cable & System Ltd. for 4,038,232 shares and will acquire 16% stake in the company. The common shares will have a lock-up period of one year.

The transaction has been approved by board of directors of the company. The expected date of payment is December 12, 2022.