September 26, 2014 / 8:56 AM / 4 years ago

Samsung Electro-Mechanics to sell stake in affiliate SDS listing

SEOUL (Reuters) - Samsung Electro-Mechanics Co Ltd will sell its entire 7.9 percent stake in affiliate Samsung SDS Co Ltd when the latter lists later this year, Samsung Electro-Mechanics said on Friday.

Samsung Electro-Mechanics said in a regulatory filing it will sell all 6,099,604 shares it owns in SDS, although the number may be subject to change.

Samsung SDS, expected to list in November, is seen submitting a range of around 150,000 to 190,000 won per share to regulators when it files for the listing next week, a source with direct knowledge of the matter told Reuters.

The range, which is roughly in line with what Reuters previously reported, would allow Samsung Electro-Mechanics to raise between 914.9 billion and 1.16 trillion won ($876.40 million-1.11 billion) from its stake in SDS.

The source declined to be identified as the listing process was confidential, and the range was not yet finalised.

Shares in Samsung Electro-Mechanics jumped nearly 6 percent on Friday, beating a 0.1 percent drop in the wider market.

A spokesman for Samsung SDS declined to comment.

Reporting by Joyce Lee; Editing by Clarence Fernandez

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