April 26, 2024

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[THE INVESTOR] Samsung SDI, a battery business unit of Korea’s largest conglomerate, said on April 10 that it has selected deal managers to proceed with the sale of 4.04 million shares of its de facto holding company Samsung C&T, a trading and construction firm.

The battery firm said that CITI Group and Credit Suisse Group would help manage the block deal to sell the shares worth 582.2 billion won (US$547 million) based on the closing price of the stock.

The proceeds of the deal will be used for necessary investments down the road, the company said.

The announcement comes amid increasing pressure from the government to address the complex cross-shareholding structure among Samsung affiliates.

The Fair Trade Commission in December ordered the battery firm to sell all the stake in its sister company within six months.

The owner family, including ailing Samsung Electronics Chairman Lee Kun-hee and his only son and Vice Chairman Jae-yong, maintain ownership of the tech giant thorough their stakes in other Samsung affiliates, including C&T and Samsung Life Insurance.

The owner family holds a combined 5.37 percent stake in the tech behemoth.

By Kim Young-won (wone0102@heraldcorp.com)