Samsung SDI says to sell $3.2 billion worth of Samsung Display shares back to display maker

SEOUL, Aug 21 : Samsung SDI said on Friday it will sell 13.09 million shares in affiliate Samsung Display to the display maker for about 4.45 trillion won ($3.21 billion), to raise funds for investments in future growth engines.

Samsung Display plans to buy the shares as treasury stock at 340,000 won each, Samsung SDI said in a regulatory filing. The transaction is scheduled to close on August 27, though the final number of shares and value could change during the repurchase process.

Samsung SDI will retain 26.77 million Samsung Display shares, equivalent to a 10.22 per cent stake, after the transaction.