Bloomberg News

Samsung Card Denies Samsung Life Plans to Sell Stake

January 03, 2010

Samsung Card Co. (029780) said Samsung Life Insurance Co., its second-biggest shareholder, is not planning to sell its stake in the credit-card company.

The Korea Economic Daily reported today the insurer may sell its 26.4 percent holding in Samsung Card to Shinsegae Co., citing a Samsung Group official it didn’t identify. The sale is aimed at streamlining cross-shareholdings among Samsung Group units, the report said.

The report is “groundless,” Samsung Card said in regulatory filing. Samsung Card shares fell 3.6 percent to 55,400 won as of 1:29 p.m. in Seoul after falling as much as 6.1 percent.

Samsung Card owns 25.6 percent in Samsung Everland Inc., which in turn has a 13.3 percent holding in Samsung Life.

To contact the reporter on this story: Bomi Lim in Seoul at blim30@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net


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