Samsung SDI Co Ltd will sell 5 million shares in Samsung C&T Corp to comply with an order from local regulators. (A Samsung logo is seen at Samsung Electronics' headquarters in Seoul, South Korea, December 18, 2015. Picture taken on December 18, 2015. - REUTERS)
SEOUL: South Korean conglomerate Samsung Group said on Sunday its battery making affiliate Samsung SDI Co Ltd will sell 5 million shares in Samsung C&T Corp to comply with an order from local regulators.
A Samsung Group spokesman told Reuters SDI will consider options to minimize market impact of selling the C&T shares, which amount to a 2.6 percent stake in the firm worth 727.5 billion won ($624.8 million) based on Thursday's closing levels.
South Korea's Fair Trade Commission said earlier on Sunday that Samsung Group must weaken or break three of its circular shareholding chains after a merger of two affiliates were seen strengthening the chains.- Reuters
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