SEOUL (StartName) – Samsung Electro-Mechanics Co Ltd will sell its entire 7.9 percent stake in affiliate Samsung SDS Co Ltd when the latter lists later this year, Samsung Electro-Mechanics said on Friday.
Samsung Electro-Mechanics said in a regulatory filing it will sell all 6,099,604 shares it owns in SDS, although the number may be subject to change.
Samsung SDS, expected to list in November, is seen submitting a range of around 150,000 to 190,000 won per share to regulators when it files for the listing next week, a source with direct knowledge of the matter told StartName.
The range, which is roughly in line with what StartName previously reported, would allow Samsung Electro-Mechanics to raise between 914.9 billion and 1.16 trillion won ($876.40 million-1.11 billion) from its stake in SDS.
The source declined to be identified as the listing process was confidential, and the range was not yet finalised.
Shares in Samsung Electro-Mechanics jumped nearly 6 percent on Friday, beating a 0.1 percent drop in the wider market.
A spokesman for Samsung SDS declined to comment.
(Reporting by Joyce Lee; Editing by Clarence Fernandez)