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Samsung Electronics to maintain stake in Samsung Heavy after rights issue

Reuters
The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji (Reuters)

SEOUL (Reuters) - Samsung Electronics Co Ltd <005930.KS> said on Friday it will participate in a rights issue by Samsung Heavy Industries Co Ltd <010140.KS>, buying 204 billion won (137.2 million pounds) of shares.

Samsung Electronics owned a 16.9 percent stake in Samsung Heavy as of end-2017 and its stake will remain roughly the same, a Samsung Heavy spokesman said.

Samsung Heavy, which has forecast a fourth straight year of operating losses, is planning a new share issuance of about 1.4 trillion won.

(Reporting by Joyce Lee; Editing by Edwina Gibbs)