LG Chem to declare cash dividends to appease protesting investors

LG Chem will offer cash dividends of at least 10,000 won per common share over the next three years to appease investors protesting the company's move to split off its battery business division as a wholly-owned subsidiary LG Energy Solution.

Many of the retail investors invested in LG Chem for its battery business.

Using consolidated financial statements, LG Chem intends to pay out around 30 percent of its net income as dividends.

On Monday, the South Korean firm released a preliminary earnings report for the first time in its history.

LG Chem also said that it would maintain a 70 to 80 percent share of LG Energy Solution.

The split-off awaits final approval at a shareholders meeting set for Oct. 30.