At the 43rd Annual General Meeting, Samsung Electronics shareholders approved the spin off of the ailing LCD business. According to the motion passed, Samsung will create a new independent company called Samsung Display Co. (tentative) and will be launched on April 1 with an initial capital of 750 billion won.
Park Dong-gun will assume the position as the president of the new company and Samsung Electronics will have a 100 percent stake in the spin off.
Samsung says the spin off will help the display business to respond to market demands and conditions faster.
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