Samsung to sell off W1tr of stakes in Hanwha General Chemical

Samsung is moving to sell its stakes in Hanwha Group’s chemical unit, the group said in a regulatory filing Wednesday.

Samsung Group’s trading unit Samsung Construction and Trading currently owns a 20.1 percent stake in Hanwha General Chemical, and Samsung SDI has 4.05 percent stake in the same chemical business.

If the entire 24.1 percent stake is sold, Samsung Group can expect to receive around 1 trillion won ($898 million). 

Samsung Group’s 24.1 percent stake in the chemical unit is left over from its sale of the chemical unit to Hanwha Group in 2015. The share price has doubled over the last two years.

“Samsung C&T is currently considering various options,” an official from Samsung Group’s trading unit said. “The company will consult with Citibank over possible stake sales. But no details have been decided at the moment.”

The official said the group expected to use the funds raised to expand its businesses and research and development spending.

By Shim Woo-hyun (ws@heraldcorp.com)