Samsung Life Insurance Sells 137,000 S1 Shares Amid Concerns Over Financial Industry Act Violation
After concerns arose that the sale of treasury shares by S1, a comprehensive security services company affiliated with Samsung Group, could violate the Act on the Structural Improvement of the Financial Industry, Samsung Life Insurance decided to sell its shares in S1.
Samsung Life Insurance disclosed on November 3 that it would dispose of 136,646 shares in S1 for 13.528 billion won.
The planned disposal date is November 5, and the sale price is 99,000 won per share. After the disposal, its ownership stake will fall from 5.34% to 4.98%.
Last month, S1 announced that it would cancel all 4,188,939 of its existing treasury shares to return value to shareholders, and would also buy back and cancel additional treasury shares worth 450 billion won.
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As the combined stakes held by Samsung Life Insurance and other Samsung financial affiliates, including Samsung Card, Samsung Securities, and Samsung Fire & Marine Insurance, were expected to exceed the 10% ownership limit under the Act, Samsung Life Insurance decided to adjust its stake.
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