Samsung Life Insurance Co. Ltd. and Samsung Fire & Marine Insurance Co. Ltd. will sell a 0.45% stake in Samsung Electronics Co. Ltd. amid pressure on Samsung Group to simplify the cross-shareholding links among its affiliate companies, the Financial Times reported May 30, citing Samsung Life.
The boards of Samsung Life and Samsung Fire & Marine approved the plan to divest the stake, which is worth about 1.2 trillion won, in a block sale before market opening on May 31, the life insurer said. The two companies together hold 9.7% of Samsung Electronics.
South Korean regulators have called for changes to the group's ownership structure, with Fair Trade Commission chair Kim Sang-jo characterizing the circular shareholdings among Samsung Group companies as unsustainable.
As of May 29, US$1 was equivalent to 1,082.33 South Korean won.
