Samsung Life Insurance Co. said Thursday it will sell around 1.32 trillion won ($881.6 million) worth of its shares in Samsung Electronics Co.
In a regulatory filing, Samsung Life said it decided to offload about 6.24 million shares, equivalent to roughly 0.11 percent of the outstanding shares of Samsung Electronics.
Samsung Fire & Marine Insurance Co. also said it will sell about 1.09 million shares, or 0.02 percent of the total Samsung Electronics stocks, worth 227.5 billion won.
The companies said the decision is part of efforts to proactively address potential violations of local regulations governing financial companies by reducing excess shareholdings.
Under the current law, financial affiliates are restricted from holding more than a 10 percent-stake in non-financial affiliates. (Yonhap)
