April 6, 2018 / 1:32 AM / 6 months ago

Samsung Electronics to maintain stake in Samsung Heavy after rights issue

SEOUL (Reuters) - Samsung Electronics Co Ltd (005930.KS) said on Friday it will participate in a rights issue by Samsung Heavy Industries Co Ltd (010140.KS), buying 204 billion won ($192 million) of shares.

The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji

Samsung Electronics owned a 16.9 percent stake in Samsung Heavy as of end-2017 and its stake will remain roughly the same, a Samsung Heavy spokesman said.

Samsung Heavy, which has forecast a fourth straight year of operating losses, is planning a new share issuance of about 1.4 trillion won ($1.3 billion).

Reporting by Joyce Lee; Editing by Edwina Gibbs

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