September 18, 1999 
| | |
| ||
| September 18, 1999 | atimes.com | |
| ||
| The Koreas Samsung Life goes abroad to raise $2.34bn SEOUL - South Korea's Samsung Life Insurance is seeking ways to sell 30-40 percent of its stakes abroad instead of listing itself on the stock exchange, in an effort to raise 2.8 trillion won ($2.34 billion) to settle debts of its affiliate Samsung Motors. The company has apparently concluded that the move is necessary to keep its parent Samsung Group's stakes in the firm from falling under 50 percent if its shares are listed on the bourse as indicated by the Financial Supervisory Commission (FSC). The move also is feared to create sweeping changes in the life insurance industry with foreign investors allowed to participate in management and in the government plan to have life insurers listed on the bourse. Samsung Life has named Goldman Sachs as its lead manager for the deal and the US investment firm is looking for foreign investors on behalf of Samsung Life. M&R Co, a well-known insurance analyst, is already at work to evaluate the price of Samsung Life shares. Samsung is likely to bring down its share price to around 400,000 won or 500,000 won per share from 700,000 won so that it can sell 30 percent to 40 percent of its stakes for 2.8 trillion won. An FSC official, however, said it will not be easy for Samsung Life to find investors outside the stock market since players will not want to pay a high price for non-listed stocks. Samsung Group Chairman Lee Kun-hee holds the largest stake in Samsung Life with 26 percent, with the rest split up among various Samsung affiliates, including Samsung Everland (20.67 percent), Cheil Jedang (11.5 percent) and Shinsegae (14.5 percent). (Asia Pulse/Yonhap) | |||||||||
 |
|
Front | China | Southeast Asia | Japan | Koreas | India/Pakistan | Central Asia/Russia | Oceania Business Briefs | Global Economy | Asian Crisis | Media/IT | Editorials | Letters | Search/Archive |
back to the top ©1999 Asia Times Online Co., Ltd. |
