Samsung affiliates’ shares rise after Lee’s death sparks hopes of shake-up

Samsung affiliates’ shares rise after Lee’s death sparks hopes of shake-up

SEOUL – Shares in Samsung Electronics Co Ltd and affiliates rose on Monday after the death a day earlier of Chairman Lee Kun-hee sparked hopes for restructuring and stake sales, analysts said.

Shares in Samsung C&T and Samsung Life Insurance rose as much as 21.2% and 15.7% respectively, while shares in Samsung BioLogics, Samsung SDS and Samsung Engineering also rose.

Lee was the wealthiest stock owner in South Korea, with holdings including 4.18% of Samsung Electronics common shares and 0.08% of preferred shares, worth about 15 trillion won ($13.3 billion) in total.

He also held a 20.76% stake in Samsung Life worth about 2.6 trillion won, and a 2.88% stake in Samsung C&T worth about 564 billion won as of Friday’s closing.

Lee Kun-hee, the Chairman of South Korea’s tech giant Samsung Electronics, died at the age of 78 on Sunday, according to a statement released by the company.

Lee transformed Samsung into a world-leading innovator and industrial powerhouse from a local business, Xinhua news agency quoted the statement as saying.

“Our deepest sympathies are with his family, relatives and those nearest. His legacy will be everlasting,” it added.

Lee, the son of Samsung Group’s founder Lee Byung-chul, was born in Uiryeong county in South Gyeongsang province of South Korea on January 9, 1942.

In 2014, Lee suffered a heart attack and had since remained hospitalized.

Reuters/Xinhua

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