THE INVESTOR

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March 28, 2024

Two Samsung Group affiliates sell stake in Samsung C&T

PUBLISHED : September 21, 2018 - 15:56

UPDATED : September 21, 2018 - 15:56

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[THE INVESTOR] Samsung Fire & Marine Insurance and Samsung Electro-Mechanics have announced that they will sell their stake in Samsung C&T, a key group affiliate at the center of the conglomerate’s complex cross-shareholding structure.

According to their regulatory filings on Sept. 20, Samsung Fire & Marine will sell its 1.37 percent stake for 328.5 billion won (US$294 million), while Samsung Electro-Mechanics will sell its 2.61 percent stake for 642.5 billion won.




The move comes amid Samsung Group’s ongoing efforts to streamline its complex governance structure, which, some critics say, is being leveraged by the owner family to have control over the entire group affiliates, including Samsung Electronics, with small stakes.

Kim Sang-jo, head of the Fair Trade Commission, has stepped up pressure on the nation’s largest conglomerate to iron out issues with the labyrinthine ownership structure since taking office in June 2017.

Bedridden Samsung Chairman Lee Kun-hee and his family members own 33 percent stake in Samsung C&T.

Some analysts said the latest stock sale would not affect the share price of Samsung C&T negatively.

“It is nothing more than a part of Samsung Group’s governance restructuring scheme,” said Kim Do-ha, an analyst at SK Securities.

(theinvestor@heraldcorp.com)

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