Samsung Sells Shares In Four Tech Firms

(RTTNews) - Samsung Electronics Co., Ltd. (SMSN.L, SSNNF.OB, SSNLF.OB) said it has sold shares in computer-drive maker Seagate Technology PLC (STX), chip maker Rambus Inc. (RMBS), Dutch semiconductor-equipment maker ASML Holding NV (ASML) and Japanese electronics maker Sharp Corp. (SHCAY.PK).

The divestments come as Samsung said this month it would recall 2.5 million Galaxy Note 7 smartphones globally after reports of the phones catching fire.

Samsung didn't disclose how much it would raise from the share sales. But any cash generated from the sale would help it pay down costs from the recall.

The South Korea-based tech giant said it sold its entire 4.2% stake in Seagate Technology and its whole 4.5% stake in Rambus. Samsung also confirmed the previously reported sales of half of its 2.9% stake in ASML Holding and its full 0.7% stake in Sharp.