June 04, 2014 10:10
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."
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