Samsung Electronics sells shares in four companies to boost cash kitty

Tech giant Samsung Electronics Co Ltd said on Sunday that it had sold shares in four companies including ASML Holding NV and Seagate Technology Plc to free up money for additional investments for its core businesses.

Samsung said in a statement it sold about half of its shares in ASML while selling its entire 4.2% stake in Seagate. The company also sold its 0.7% stake in Sharp Corp and its 4.5% stake in Rambus Inc.

Samsung declined to disclose the financial details or when the shares were sold, but a term sheet seen by Reuters last week showed it was selling about half of its stake in ASML for 606 million euros ($675.99 million or Rs 4497.19 crore).

Its stakes in Rambus, Seagate and Sharp were worth a combined $456.4 million (nearly Rs ​3036.3 crore) based on closing prices on Friday.

Samsung Electronics and other affiliates of Samsung Group have been divesting from non-core operations as South Korea's top conglomerate seeks to narrow its focus and secure more resources for its main businesses.

"There is no impact on the business cooperation with the relevant companies," the South Korean firm said without elaborating.