Samsung Life completes accelerated placement

Shareholders take advantage of positive sentiment towards South Korean stocks to divest stake in the insurance firm.

Four of Samsung Life Insurance's shareholders raised 311.9 billion won $300 million via an accelerated secondary share offering late Tuesday in Hong Kong. Samsung Electro-Mechanics, Samsung Fine Chemicals, Samsung SDS and Cheil Worldwide sold 3.3 million secondary shares, or 1.64% of the existing share capital.

The shares were priced at 94,944 won, towards the bottom end of a 94,000 won to 96,500 won indicative price range. This represents a 4% discount to the April 22 closing price of 98,900 won.

There is no lock-up, according to a term sheet.

Books were closed about two hours after launch with participation from 50 investors. There was...

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