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CJ CheilJedang cashes in Samsung Life stake

PUBLISHED : July 12, 2017 - 10:53

UPDATED : July 12, 2017 - 10:53

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[THE INVESTOR] CJ CheilJedang will sell its entire stake in Samsung Life Insurance worth 35.77 billion won (US$312.17 million) in an after-hours block deal, it announced on July 12. 




When the transaction of 2,985,850 shares (1.49 percent stake) is completed its only ties to Samsung will be its 15 percent stake in Samsung Lions, a private company. 

The food and bio arm of CJ Group has been one of the major stakeholders in the insurance company with up to 11.5 percent stake before the group separated from Samsung in 1993. When Samsung Life went public in 2010, CJ CheilJedang sold a large stake, and in 2013, it sold 1.50 percent in an after-hours block deal. 

By Hwang You-mee (glamazon@heraldcorp.com)

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