Samsung SDI to sell $3.2 billion in Samsung Display shares
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On August 21, Samsung SDI announced it would sell 13.09 million shares of its stake in affiliate Samsung Display to the company for approximately 4.45 trillion won ($3.21 billion). Samsung Display intended to acquire these shares as treasury stock at a price of 340,000 won per share. The transaction, scheduled to close on August 27, was initiated to raise funds for Samsung SDI's investments in future growth engines. Following the sale, Samsung SDI will retain a 10.22 percent stake in the display manufacturer.
Consequences
Samsung SDI will secure $3.21 billion in capital to allocate toward its stated future growth initiatives. Samsung Display will increase its treasury stock holdings by 13.09 million shares upon the expected completion of the transaction.
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