April 10, 2018 / 12:24 AM / a year ago

Samsung C&T shares rise after report of planned stake purchase in biopharma affiliate

FILE PHOTO: Employees walk past a logo of Samsung C&T Corp at the company's headquarters in Seoul, South Korea, July 16, 2015. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - Shares in Samsung C&T Corp rose 3.6 percent on Tuesday after a report said the company is considering raising up to 3 trillion won (1.98 billion pounds) to buy a 30 percent stake in biopharma affiliate Samsung Bioepis Co Ltd.

Samsung C&T has been contacting large financial institutions to raise the money, South Korean TV channel MBC reported on Monday, citing an unnamed person with knowledge of Samsung’s process.

Another affiliate, Samsung BioLogics Co Ltd, which owned 94.6 percent of Samsung Bioepis as of end-2017, saw its shares rise 6.8 percent in early trade.

Reporting by Joyce Lee; Editing by Stephen Coates

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