In this news, we discuss the Samsung affiliates’ shares rise after Lee’s death sparks hopes of shake-up.
SEOUL (Reuters) – Shares of Samsung Electronics Co Ltd and its affiliates rose on Monday after the death a day earlier of Chairman Lee Kun-hee, which raised hopes of restructuring and sales of shares, analysts said.
Shares of Samsung C&T and Samsung Life Insurance rose 21.2% and 15.7% respectively, while shares of Samsung BioLogics, Samsung SDS and Samsung Engineering also rose.
Lee was the richest stock owner in South Korea, with holdings comprising 4.18% of Samsung Electronics common stock and 0.08% of preferred stock, with a total value of around 15 trillion. won ($ 13.3 billion).
It also held a 20.76% stake in Samsung Life worth approximately 2.6 trillion won and a 2.88% stake in Samsung C&T worth approximately 564 billion won at the time. Friday closing.
Reporting by Joyce Lee and Hyunjoo Jin; Edited by Himani Sarkar and Stephen Coates
Original © Thomson Reuters
Originally posted 2020-10-25 18:36:09.