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Samsung to buy 181 billion won of shares in Samsung Heavy rights issue

Reuters
A Samsung Electronics shareholder arrives to attend a shareholders' meeting at the company's buliding in Seoul, South Korea, October 27, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - Samsung Electronics Co Ltd said on Thursday it will buy 181 billion won ($158.71 million) worth of Samsung Heavy Industries Co Ltd shares as part of the shipbuilder's 1.14 trillion won ($999.59 million) rights issue.

Samsung Electronics said in a filing it will acquire about 25.3 million new Samsung Heavy shares, fully subscribing to its entitled portion as an existing shareholder through the rights issue. The price was set at 7,170 won per share under the issuance.

The world's top smartphone maker held a 17.6 percent stake in Samsung Heavy as of Aug. 23.

($1 = 1,140.4700 won)

(Reporting by Se Young Lee; Editing by Christian Schmollinger)