Samsung Electronics to buy $159 million of shares in Samsung Heavy rights issue

Reuters

Thu, Oct 27, 2016, 4:37 AM

SEOUL (Reuters) - Samsung Electronics Co Ltd said on Thursday it will buy 181 billion won ($158.71 million) worth of Samsung Heavy Industries Co Ltd shares as part of the shipbuilder's 1.14 trillion won ($999.59 million) rights issue.

Samsung Electronics said in a filing it will acquire about 25.3 million new Samsung Heavy shares, fully subscribing to its entitled portion as an existing shareholder through the rights issue. The price was set at 7,170 won per share under the issuance.

The world's top smartphone maker held a 17.6 percent stake in Samsung Heavy as of Aug. 23.

(Reporting by Se Young Lee; Editing by Christian Schmollinger)

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