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Company News

Samsung Group says Samsung SDI will sell 5 million Samsung C&T shares

SEOUL (Reuters) - South Korean conglomerate Samsung Group said on Sunday its battery making affiliate Samsung SDI Co Ltd 006400.KS will sell 5 million shares in Samsung C&T Corp 028260.KS to comply with an order from local regulators.

A Samsung Group spokesman told Reuters SDI will consider options to minimize market impact of selling the C&T shares, which amount to a 2.6 percent stake in the firm worth 727.5 billion won ($624.8 million) based on Thursday’s closing levels.

South Korea’s Fair Trade Commission said earlier on Sunday that Samsung Group must weaken or break three of its circular shareholding chains after a merger of two affiliates were seen strengthening the chains.

Reporting by Se Young Lee; Editing by Jacqueline Wong

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