Samsung heir makes his mark

Seoul

LEE Jae Yong is putting his stamp on Samsung Group after his father's hospitalisation with US$8 billion in proposed deals, including a stock buyback. Shares of its electronics company surged the most in almost six years.

Samsung on Wednesday unwound holdings involving at least eight businesses, with crown jewel Samsung Electronics Co saying that it would purchase US$2 billion of its own stock. The group also disposed of stakes in chemicals and defence businesses, adding to mergers and initial public offerings (IPOs) announced since the 46-year-old vice-chairman took a greater role after patriarch Lee Kun Hee's heart attack in May.