ID :
198661
Tue, 08/02/2011 - 10:13
Auther :
Shortlink :
https://oananews.org//node/198661
The shortlink copeid
Samsung's procurement unit plunges on stake disposal plan
SEOUL, Aug. 2 (Yonhap) -- Shares of iMarketKorea Co. (IMK), Samsung Group's procurement service affiliate, tumbled on Tuesday as the group's affiliates are set to sell off their stakes in the company.
Shares of iMarketKorea dropped by the daily limit to close at 22,450 won (US$21.36) on the Seoul bourse.
On Monday, Samsung Electronics Co. and eight other affiliates said they will try to unload a combined 58.7 percent stake in IMK, which could fetch around 500 billion won.
The company, which provides procurement services and maintenance, repair and operations (MRO), was set up in 2000 as a Samsung subsidiary, and most of its revenue came from steady orders by the group's affiliates. IMK posted sales of 1.54 trillion won last year.
Samsung said its business relationship with IMK will stay unchanged even after the stake disposal.
Market watchers said a further decline in IMK shares seems to be inevitable unless it finds a new owner or Samsung offers some protection measures for investors.
Samsung's move to dispose of its MRO business came as chaebol, South Korea's family-controlled industrial groups, have been blamed by the government for giving procurement orders to their own affiliates, distorting fair market competition.
Shares of iMarketKorea dropped by the daily limit to close at 22,450 won (US$21.36) on the Seoul bourse.
On Monday, Samsung Electronics Co. and eight other affiliates said they will try to unload a combined 58.7 percent stake in IMK, which could fetch around 500 billion won.
The company, which provides procurement services and maintenance, repair and operations (MRO), was set up in 2000 as a Samsung subsidiary, and most of its revenue came from steady orders by the group's affiliates. IMK posted sales of 1.54 trillion won last year.
Samsung said its business relationship with IMK will stay unchanged even after the stake disposal.
Market watchers said a further decline in IMK shares seems to be inevitable unless it finds a new owner or Samsung offers some protection measures for investors.
Samsung's move to dispose of its MRO business came as chaebol, South Korea's family-controlled industrial groups, have been blamed by the government for giving procurement orders to their own affiliates, distorting fair market competition.
