Embattled Samsung sells share stakes

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September 19, 2016

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Embattled Samsung sells share stakes

Source: AFP | September 19, 2016, Monday |

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SAMSUNG Electronics said yesterday it had sold shares it held in four technology companies including US chipmaker Rambus and Japan’s Sharp to free up money and focus on its main business.

The South Korean tech giant said it had also sold shares in Dutch semiconductor equipment maker ASLM and US hard drive maker Seagate.

Samsung — the world's top smartphone maker which also manufactures memory chips, TVs and home appliances — has for years bought shares in other tech firms in semiconductor or display panel industries.

“It was aimed at focusing on our core business by efficiently managing the investments made in the past in line with changes in business environments,” Samsung said.

The news of the sales came as the firm is mired in a major recall of its flagship smartphone over a series of battery explosions.

The global recall of the Galaxy Note 7 smartphone raised alarm among air carriers and aviation safety authorities worldwide that banned the device on flights.

Samsung sold half of a 3-percent stake it held in ASML, and its entire stakes in the other three companies for “efficient management of assets,” it said. It had held a 4.5-percent stake in Rambus, 0.7 percent of Sharp and a 4.2-percent stake in Seagate.

The firm did not elaborate on the timing or the value of the sales.

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Embattled Samsung sells share stakes

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