Samsung Eng. Price Soar on Rumor of Samsung C&T's Equity Purchase

SEOUL, KOREA- Samsung C&T said on August 2 that it would soon clarify the rumors that it is taking a stake in Samsung Engineering.At 2:51 pm on the same day, the shares of Samsung Engineering were trading at 84,900 won, up 4.81 percent from the previous day's 81,000 won. The company's share price had once peaked at 87,400 won (7.90%).

A stock analyst commented, "It seems the rise of Samsung Engineering shares has little to do with its fundamentals. It was buoyed largely by rumors that Samsung C&T is acquiring Samsung Engineering shares, which also depresses Samsung C&T price."

Currently 19.3 percent of Samsung Engineering shares is owned by Samsung Group companies including Cheil Industries (13.1%), Samsung SDI (5.1%), and Samsung Fire & Marine Insurance (1.1%). The Korea Exchange demanded on the 2nd Samsung C&T to disclose the circumstances about the rumor by noon on the 5th.

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