2,156.26 7.95 (+0.37%)

    740.48 9.14 (+1.25%)
  • Dollar/Won

    1,132.10 3.10 (-0.27%)
증권시황 정보 열기

Samsung mulls selling remaining stake in Hanwha General Chemical

2017.11.08 16:24:07 | 2017.11.08 16:24:48
  • print
  • email
  • facebook
  • twitter
  • share
Samsung Group is weighing selling its 24.1 percent remaining stake in Hanwha General Chemical to completely separate from the business and reallocate its cash resources, according to people with knowledge of the plan on Tuesday.

Samsung recently commissioned the plan which could lead to a 1 trillion won ($897 million) deal to Citi Global Market Securities.

In late 2014, Samsung agreed to sell its four chemical and defense units to peer conglomerate Hanwha Group, declaring its withdrawal from petrochemical and defense markets.

But Samsung left the 24.1 percent stake unsold to consider Hanwha’s lack of cash for acquisition.

The ownership breaks down to 20.05 percent by Samsung C&T and 4.05 percent by Samsung SDI.

Samsung had planned to sell the remaining stake by 2022 in time with the initial public offering (IPO) of Hanwha General Chemical. Samsung has a right to sell the stake to Hanwha unless the IPO is realized by the target year.

The stake is now valued at around 1 trillion won, up by more than two times over the past two years.

Samsung is known to reallocate resources to focus on priority business areas of Samsung C&T and it needs cash to support such initiatives. The divestiture is subject to approval from Hanwha Group that controls more than 51 percent of Hanwha General Chemical.

Hanwha will determine whether to accept the offer by considering Samsung’s situation and any possible loss to its shareholders.

By Lee Dong-in and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]



  • Seoul Fri 19 October 2018
  • FRI


Get Newsletters