[Featured Stock] Samsung Publishing Soars Over 6% on The Pinkfong Company's Expansion in Saudi Arabia
![[Featured Stock] Samsung Publishing Soars Over 6% on The Pinkfong Company's Expansion in Saudi Arabia](http://www.asiae.co.kr/news/img_view.htm?img=2017112111343249168_1511231672.jpg)
The stock price of Samsung Publishing is on the rise in early trading on the 16th. The increase is attributed to news of The Pinkfong Company's expansion of its business in Saudi Arabia, in which Samsung Publishing holds a large stake.
As of 10:01 AM on the same day, Samsung Publishing's stock price is trading at 23,550 KRW, up 6.32% from the previous trading day.
During the session, Samsung Publishing's stock price rose as much as 9.93% to 24,350 KRW before giving up some of the gains.
The stock price increase appears to be driven by news that The Pinkfong Company signed a memorandum of understanding (MOU) with the Saudi Arabian Investment Department to expand its local business in Saudi Arabia.
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As of the end of the third quarter last year, Samsung Publishing was the second-largest shareholder of The Pinkfong Company, holding a 16.80% stake.
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