Samsung Life Insurance Co. announced Thursday its plans to sell approximately 1.32 trillion won ($881.6 million) worth of Samsung Electronics Co. shares.
According to a regulatory filing, Samsung Life has decided to offload around 6.24 million shares, representing about 0.11 percent of Samsung Electronics’ total outstanding shares.
Separately, Samsung Fire & Marine Insurance Co. also stated its intention to sell approximately 1.09 million shares, or 0.02 percent of the total Samsung Electronics stock, valued at 227.5 billion won.
Both companies cited proactive compliance with local financial regulations as the reason for the share sales, aiming to reduce excess shareholdings and prevent potential violations.
