Samsung Life Foundation sells insurance stake

The charitable group raises $491m in accelerated block deal; the latest secondary placement offering amid Samsung Life Insurance's restructuring.

Samsung Life Public Welfare Foundation offloaded more than half of its stake in Samsung Life Insurance and raised $491 million in a block trade early on Friday morning.

The charitable institution, an affiliate of Samsung Group, sold 5 million secondary shares at W100,320 per share, a 4% discount to the June 19 close of W104,500 under the leads of Citi and Credit Suisse.

Shares were initially offered at W99,275 to W101,365 per share when books opened on Thursday night in Hong Kong, or a 3% to 5% discount to the June 19 close. The foundation initially held 9 million shares in the insurance company.

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