Samsung Group, the mighty South Korean conglomerate best known for its smartphones, has responded to calls from the government to improve corporate governance by eliminating its final two reciprocal cross-shareholdings at the holding company level via a secondary share sale.
Thursday’s transaction saw Samsung Electro-Mechanics and Samsung Fire Marine Insurance sell their entire stakes in Samsung CT, the de facto holding company of the Samsung Group, for a combined W930 billion $833 million through an after-market block sale of shares.
Samsung Electro-Mechanics sold 5 million shares in Samsung CT for $547 million while Samsung Fire Marine Insurance sold 2.6 million shares for...
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