Samsung Electronics supports yard with share purchase

Samsung Electronics supports yard with share purchase

Samsung Electronics will buy new shares in Samsung Heavy Industries (SHI) to help the yard’s liquidity crunch.

“Samsung has no plans to abandon the shipbuilding business given an increased possibility for a turnaround after self-restructuring programs,” a Samsung official said. “Samsung Electronics will take part in SHI’s rights issue.”

SHI plans to launch a rights issue to raise up to KW1.3trn.

Samsung Electronics has a 17.62% stake in the giant shipyard which is now going through a painful restructuring.

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.

Related Posts