Samsung sells shares in four companies to free up cash

Samsung has revealed that it has sold shares in four technology companies to free up cash. It has sold shares in Dutch chip-equipment supplier ASML, Seagate, Sharp and Rambus. A spokeswoman for the company confirmed to Reuters that the total proceeds from this sale amount to $888.85 million. The spokeswoman did not reveal precisely when Samsung sold these shares.

It was reported earlier this month that Samsung has sold half of its stake in ASML for nearly $675 million while it sold its entire 4.2 percent stake in Seagate, 4.5 percent in Rambus and 0.7 percent in Sharp Corp. Based on closing prices on Friday, Samsung's stake in Sharp, Rambus and Seagate is worth $456.4 million combined. Samsung has clarified that this sale does not impact the conglomerate's business cooperation with these companies. Samsung has been tidying its portfolio to further focus on core businesses which include mobile, semiconductor and appliances, it will be using the proceeds from this sale to invest more in its core businesses. For this purpose the company also sold its entire printing business to HP for $1.05 billion.

Adnan Farooqui - Executive Editor

[email protected]

First Samsung device: SGH-E900

Adnan Farooqui is a long-term writer at SamMobile. Based in Pakistan, his interests include technology, finance, Swiss watches and Formula 1. His tendency to write long posts betrays his inclination to being a man of few words.

Source General Samsung