Samsung Group's Lee to buy US$186m worth of shares in group firms

[SEOUL] Samsung Group de facto leader Jay Y Lee will acquire 230.2 billion won (S$261 million) worth of shares in two group companies, boosting his stake in the South Korean conglomerate's de facto holding company amid an ongoing succession process.

Jay Y Lee is acquiring 200 billion won worth of shares in Samsung C&T Corp from Samsung SDI, which on Thursday said it is selling 765 billion won worth of C&T shares to comply with a South Korean regulatory ruling.

Samsung Group said Lee will also will acquire 30.2 billion won worth of Samsung Engineering Co Ltd's treasury shares and seeks to acquire another 70 billion worth of shares in the firm.

REUTERS