Samsung SDI to sell Samsung Display stake for $3.2 bil. to fund investments
Samsung SDI, the battery-making arm of Samsung Group, said Friday it will sell part of its stake in Samsung Display to raise funds for future growth investments. Samsung SDI said in a regulatory filing that it will transfer 13.088 million shares in Samsung Display to the display maker, representing about 33 percent of its holdings. The shares are valued at about 4.45 trillion won ($3.2 billion).…
Samsung SDI, the battery division of Samsung Group, announced on Friday its intention to divest a portion of its Samsung Display stake to raise capital for future growth investments. According to a regulatory filing, the company will transfer 13.088 million shares, amounting to roughly 33 percent of its ownership, to Samsung Display.
The shares are currently valued at approximately 4.45 trillion won, or $3.2 billion. Following the completion of the transaction, Samsung SDI's stake in Samsung Display will decrease from 15.2 percent to 10.2 percent. The company has yet to disclose how it plans to utilize the funds raised, but they are anticipated to be allocated towards facility investments, including a battery plant currently under construction in New Carlisle, Indiana.
This share sale is viewed as a demonstration of Samsung SDI's dedication to expanding investments, aiming to establish a robust foundation for medium- to long-term growth as the company strives to enhance its earnings. The demand for energy storage systems and uninterruptible power supply systems has been surging rapidly, propelled by the expansion of artificial intelligence data centers. Samsung SDI has also been actively engaged in developing these technologies.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
