Protection of Shareholders
The Samsung Group announced on January 28 that Samsung Electronics vice chairman Lee Jae-yong will sell his 2.05% shares in Samsung SDS in order to procure funds for his participation in Samsung Engineering’s paid-in capital increase. His share ratio in Samsung SDS is predicted to fall from 11.3% to 9.3%.
A total of 1.587 million shares are scheduled to be sold and the appraised value is 380 billion won (300 billion won after tax) or so.
Domestic and foreign institutional investors can make a purchase on an after-hours block deal basis. The price is equal to the closing price of January 28 but can vary depending on demand forecasting results.
“The vice chairman is planning on no additional sale of his Samsung SDS shares apart from this,” Samsung Electronics explained, adding, “His participation in the paid-in capital increase is to help resuscitate the company from capital impairment and protect shareholders.”