- CNTV English - CCTV News

Homepage > News > Biz >

S. Korea's Samsung Card to sell stake in Samsung Everland

09-14-2011 11:25 BJT

SEOUL, Sept. 14 (Xinhua) -- Samsung Card, one of South Korea's leading credit card firms, said Wednesday it plans to sell part of its stake in Samsung Everland, the de facto holding company of Samsung Group.

Samsung Card sent requests for proposal (RFP) late last month to both local and foreign investment banks (IB) in a bid to pick bookrunners for selling a 20.64 percent stake in its unlisted affiliate Samsung Everland, the company said in an e-mailed statement.

The credit card issuer said it is mulling various measures to offloading the stakes, including a block deal and initial public offering (IPO), adding the sale period has not been decided yet.

Samsung Card is required to lower its stake in Samsung Everland to below 5 percent by April next year due to the nation's financial industry law that prevents financial firms from owning more than a 5 percent stake in non-financial companies.

The credit card company now holds a combined 25.64 percent interest in Samsung Everland, which operates amusement park and food services.

The 20.64 percent stake is estimated to be worth more than 1 trillion won (912 million U.S. dollars) based on the book value per share of around 2.1 million won, according to the company official. Market watchers estimated the sale price may rise up to 1.5 trillion won given the management premium of Samsung Everland.

Samsung Everland has been regarded as the actual holding company of the country's largest conglomerate Samsung Group. Lee Jae-yong, son of the Samsung Electronics chairman Lee Kun-hee, owns around 25 percent stake of the amusement park operator, which controls Samsung Life Insurance. Samsung Electronics was controlled by Samsung Life Insurance.

Market watchers noted the stake sale would not destabilize the governance of Samsung Group by family owners, saying Samsung Everland is firmly controlled by family owners and affiliates, which own a total of more than 80 percent of stake in the amusement park operator.


Editor:Zhang Rui |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program