Samsung Electronics comes to the aid of yard sister

Samsung Electronics comes to the aid of yard sister

Samsung Electronics is coming to the aid of sister firm Samsung Heavy Industries, one of the world’s largest shipyards, taking KRW204bn ($191m) of an ongoing rights offering.

Samsung Electronics will take an additional 34.7m shares in the yard, which like many Korean shipbuilders, has hit financially tricky times in the last couple of years.

Samsung Electronics is already Samsung Heavy’s top shareholder with a 16.91% stake.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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