Tuesday 16 August 2022

Samsung cuts stake in four companies

SEOUL, September 18, 2016

Tech giant Samsung Electronics said on Sunday it sold shares in four companies including ASML Holding NV and Seagate Technology Plc to free up money for additional investments for its core businesses.

Samsung said in a statement it sold about half of its shares in ASML while selling its entire 4.2 per cent stake in Seagate. The company also sold its 0.7 per cent stake in Sharp Corp and its 4.5 per cent stake in Rambus Inc.

Samsung declined to disclose financial details or when the shares were sold, but a term sheet seen by Reuters last week showed it was selling about half of its stake in ASML for 606 million euros ($675.99 million).

Its stakes in Rambus, Seagate and Sharp were worth a combined $456.4 million based on closing prices on Friday.

Samsung Electronics and other affiliates of Samsung Group have been divesting from non-core operations as South Korea's top conglomerate seeks to narrow its focus and secure more resources for its main businesses.

"There is no impact on the business cooperation with the relevant companies," the South Korean firm said without elaborating. – Reuters

Tags: Samsung | Shares | Sharp | Seagate |

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