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Samsung Elec jumps over 4 pct on restructuring speculation
May 12, 2014 / 5:36 AM / 3 years ago

Samsung Elec jumps over 4 pct on restructuring speculation

SEOUL, May 12 (Reuters) - Shares in Samsung Electronics Co jumped more than 4 percent on Monday, their biggest daily gain since August, after the hospitalisation of the company’s chairman for a heart attack spurred speculation it would soon undergo a restructuring.

“In the awake of chairman Lee’s hospitalisation, investors are hoping for a massive restructuring within the group. Expectations are running high for Samsung Electronics to be the focal point in the restructuring,” said S.R. Kwon, an IT analyst at Dongbu Securities.

Lee Kun-hee, the chairman of Samsung Electronics, the flagship of South Korea’s biggest conglomerate, underwent a cardiac procedure on Sunday after suffering breathing difficulties and a heart attack. He is in recovery now, the hospital said on Monday.

Shares in Samsung rose 4.3 percent by 0510 GMT to an almost two-week high, outperforming the a 0.5 percent gain in the broader market. (Reporting by Jungmin Jang; Editing by Miral Fahmy)

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