December 7, 2015 / 7:29 AM / 3 years ago

Samsung's Lee to backstop engineering affiliate's rights issue

SEOUL (Reuters) - The heir apparent of Samsung Group will buy up to 300 billion won worth of shares to be sold by affiliate Samsung Engineering Co Ltd should existing shareholders not fully take up the firm’s 1.2 trillion won rights issue, Samsung Group said on Monday.

Jay Y. Lee, the only son of Samsung Electronics chairman Lee Kun-hee and the company's vice chairman, attends the 2015 HO-AM Prize ceremony which was established by Lee Kun-hee, in Seoul, South Korea, June 1, 2015. REUTERS/Cho Seong-joon/Pool

In a statement, the family-run conglomerate said Jay Y. Lee, son of group patriarch Lee Kun-hee and vice chairman of flagship Samsung Electronics Co Ltd, will acquire the shares on the same terms as all other shareholders.

Samsung Engineering on Monday confirmed plans for the rights issue, which was first announced in October.

Reporting by Se Young Lee; Editing by Miral Fahmy

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