According to a new report from The Wall Street Journal, Samsung has started to sell shares it owns in other technology companies as it aims to recover over $1 billion in losses from the Galaxy Note 7 recall.
On Sunday, the smartphone manufacturer has sold its shares in Sagate Technology, Rambus, ASML Holding NV, and Sharp. The divestments come as the company announced that it would recall 2.5 million Galaxy Note 7 devices this month after reports of the device’s battery catching fire and exploding.
Samsung did not disclose exactly how much it would raise from the share sales, however this extra cash will be used to help the company pay for increasing costs from the recall. The WSJ notes:
The South Korea-based tech giant said it sold off its entire 4.2% stake in Seagate Technology and its whole 4.5% stake in Rambus, both based in California. 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.
A person familiar with the stake sale told The Wall Street Journal last week Samsung was selling about half of its stake in ASML for €606 million ($676 million). Samsung’s stakes in Rambus, Seagate and Sharp were valued at more than $500 million combined, based on Friday’s closing prices.
Despite the company’s quick actions in issuing the voluntary recall, Samsung has still been under pressure to tackle the issue in a more aggressive manner.