January 28, 2016 / 10:10 AM / in 2 years

Samsung Group de facto leader to sell 2.05 percent stake in Samsung SDS

Jay Y. Lee, the company's vice chairman and the only son of Samsung Electronics chairman Lee Kun-hee, makes a public apology over the spread of the Middle East Respiratory Syndrome (MERS) at Samsung Medical Center, at the company's headquarters in Seoul, South Korea, June 23, 2015. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - Samsung Group said on Thursday its de facto leader Jay Y. Lee would sell a stake of 2.05 percent in Samsung SDS Co Ltd (018260.KS) for about 380 billion won ($315 million) to raise money for any potentially unsubscribed shares he will need to buy from the rights issue of Samsung Engineering Co Ltd (028050.KS).

Samsung Group said last year Lee would buy up to 300 billion won worth of shares to be sold by Samsung Engineering Co Ltd 028250.KS, should existing shareholders not fully subscribe to the firm’s 1.27 trillion won rights issue.

Lee, vice chairman of Samsung Group flagship affiliate Samsung Electronics Co Ltd (005930.KS), currently owns 11.25 percent of Samsung SDS. Neither Samsung SDS nor Samsung Engineering are considered critical components of the family-run conglomerate’s ownership structure.

Reporting by Se Young Lee; Editing by Clarence Fernandez

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