South Korea retailers E-Mart, Shinsegae plan up to $619 million selldown in Samsung Life

HONG KONG: E-Mart Co Ltd, South Korea's largest hypermarket operator, and department store operator Shinsegae Co plan to sell an up to $619 million stake in insurer Samsung Life Insurance Co Ltd , IFR reported on Thursday, citing a term sheet for the transaction.

E-Mart and Shinsegae are offering 6 million shares of Samsung Life in an indicative range of 108,500 won to 112,500 won each, added IFR, a Thomson Reuters publication. The price is equivalent to a discount of up to 6.9 percent to Thursday's close of 116,500 won.

E-mart and Shinsegae didn't immediately respond to Reuters requests for comment.