Samsung SDI says to sell $3.2 billion worth of Samsung Display shares back to display maker

Samsung SDI announced on Friday plans to sell 13.09 million shares in its affiliate, Samsung Display, in exchange for approximately 4.45 billion U.S. dollars. This share repurchase aims to raise funds for future growth initiatives. The display maker intends to purchase the shares as treasury stock at the rate of 340,000 won per share.

According to a regulatory filing, Samsung SDI will retain a 10.22 percent stake in Samsung Display following the transaction. The deal is set to be finalized on August 27, although the exact number of shares and value may be adjusted during the repurchase process.