Samsung Life Foundation to sell $500 million of shares in insurer -source

HONG KONG, June 19 Thu Jun 19, 2014 5:05am EDT

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HONG KONG, June 19 (Reuters) - Samsung Life Public Welfare Foundation will sell around $500 million of shares in Samsung Life Insurance, a source with direct knowledge of the matter told Reuters on Thursday.

The Foundation will offer 5 million shares in Samsung Life, representing 2.5 percent of the total shares outstanding, at 99,275 to 101,365 won per share, the source said.

The Foundation and Samsung Life Insurance could not immediately be reached for comment.

(Reporting by Lawrence White; Editing by Ryan Woo)

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