BENGALURU: Recently, after making news around the world about its exploding batteries in Galaxy Note 7, Samsung Electronics has suffered some serious loss and caused financial reckoning. As a result, South Korean tech Giant sold 4 of its share holdings to free up money, reportedly exceeding $885.85 million, and focus on its core business. However, the loss it may incur by massive global recall of note 7 may size up to 1 Bn US dollars.

"It was aimed at focusing on our core business by efficiently managing the investments made in the past in line with changes in business environments," Samsung said.

Samsung sold about half of its shares in Dutch semiconductor-equipment maker ASML Holding NV, the entire 4.2 percent stake in computer-drive maker Seagate Technology PLC, 4.5 percent stake in chip maker Rambus Inc., and 0.7 percent stake in Japanese electronics maker Sharp Corp., the Wall Street Journal reported. Ultimately, these sales may circumscribe the scope of work inside the company, hence, invest a large sum on resources as a crucial aspect for business growth.

Yonhap news agency estimated the total proceeds from the sales about 1 trillion won ($888.85 million). The firm denied specifying on the timing or the point-by-point value of the sales.

As per Reuters, Samsung has sold its ASML stake for 606 million Euros ($675.99 million). The company’s stakes in rest of the three firms—Rambus, Seagate, and sharp—made a worth of $456.4 million, combined, before the Friday closing.

“There is no impact on the business cooperation with the relevant companies,” the South Korean firm said without elaborating.

Samsung Electronics and sister firms of Samsung Group, in recent years, have been divesting from non-core operations as the top conglomerate sought to narrow its focus amid a power transfer to next in the line of founding Lee family.

Samasung is experiencing change in its leadership as Lee Jae-yong—the Lee Kun-Hee’s son—was nominated as a new board member on Monday. As Mr. Lee is bedridden since he suffered a heart attack in 2014, the son is believed to take over the rein. He’s currently the vice chairman of Samsung Electronics.

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