Samsung's De Facto Holding Firm to Be Listed Next Year

Samsung Everland, the Samsung Group's de facto holding company, will be listed on the stock exchange early next year, the conglomerate said Monday. The move is expected to help heir-apparent Lee Jae-yong secure funds to take control of the Samsung Group after his father, chairman Lee Kun-hee, suffered a heart attack last month.

But Samsung Everland president Yoon Ju-hwa said the aim of the initial public offering merely aims to bolster the competitiveness of the company's resort, construction and biotech businesses and help it emerge as a global player in fashion and services.

A Samsung executive said, "We plan to list the company no later than the first quarter of next year" and added Samsung will hire a manager this month to handle the IPO and decide on the exact timing and method.

Analysts said the IPO aims to give the Samsung Group a proper holding company structure. Samsung's owners are apparently minded to extricate themselves from the current Byzantine cross-shareholding framework and reorganize the group focusing on Samsung Electronics, Samsung Corp. and Samsung Life Insurance.

One industry source said, "As Lee Kun-hee remains in hospital, the handover of control is likely to pick up speed."

englishnews@chosun.com / Jun. 04, 2014 10:10 KST