Samsung Group de facto leader to sell 2.05 percent stake in Samsung SDS
Reuters
Published Jan 28, 2016 05:06AM ET
Updated Jan 28, 2016 05:20AM ET
Samsung Group de facto leader to sell 2.05 percent stake in Samsung SDS
SEOUL (Reuters) - Samsung Group said on Thursday its de facto leader Jay Y. Lee would sell a stake of 2.05 percent in Samsung SDS Co Ltd (KS:018260) for about 380 billion won ($315 million) to raise money for any potentially unsubscribed shares he will need to buy from the rights issue of Samsung Engineering Co Ltd (KS:028050).
Samsung Group said last year Lee would buy up to 300 billion won worth of shares to be sold by Samsung Engineering Co Ltd <028250.KS>, should existing shareholders not fully subscribe to the firm's 1.27 trillion won rights issue.
Lee, vice chairman of Samsung Group flagship affiliate Samsung Electronics Co Ltd (KS:005930), currently owns 11.25 percent of Samsung SDS. Neither Samsung SDS nor Samsung Engineering are considered critical components of the family-run conglomerate's ownership structure.
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Written By: Reuters
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