Samsung Life Public Welfare Foundation has disposed of approximately 2.5% of its stake in Samsung Life Insurance in a transaction worth $491m.

The charitable institution sold 5 million secondary shares at KRW100,320 per share, a 4% discount at closing price on 19 June. The share placement was handled by Citi and Credit Suisse.

According to the insurer term sheet, the foundation will not be allowed to offload any additional shares in Samsung Life Insurance over the next three months.

Some bankers were quoted by FinanceAsia as saying that a total of 60 investors participated in the deal, with a 70/30 geographic split between international investors and Korean institutions.

According to the publication, the current share sale represents the third transaction for Samsung Life in two months.

The share placement comes at a time when a major restructuring is being carried out at the insurer as the main owner, the Lee family, transfers control of the company to the next generation.