Samsung Electronics <005930.KS> said on Monday that its board had approved a plan to buy Sony's <6758.T> entire stake in their joint liquid crystal display (LCD) venture for 1.08 trillion won (603 million pounds).

Samsung and Sony plan to sign an agreement on the deal on Monday, Samsung said in a regulatory filing.

Sony holds a nearly 50 percent stake in LCD joint venture S-LCD, which was established in April 2004 to secure stable supplies of the component.

(Reporting by Hyunjoo Jin; Editing by Jonathan Hopfner)