Samsung Card to sell stake in affiliate Everland

SEOUL (Yonhap) - Samsung Card Co., one of South Korea's leading credit card firms, said Wednesday it plans to sell part of its stake in its unlisted affiliate Samsung Everland Inc., the de facto holding company of Samsung Group.
Samsung Card plans to sell a 20.64 percent stake in Samsung Everland and sent requests for proposals to foreign investment banks on Aug. 26, the company said in an e-mailed statement.
The company said it is reviewing various means including a block deal and initial public offering, but didn't clarify a sale schedule.
Samsung Card owns a 25.6 percent stake in Samsung Everland, which runs an amusement park and food and accommodation services.
The card company is required to lower its interest in Samsung Everland by April under a financial industry law that limits financial companies from holding more than a 5 percent stake in non-financial firms.
The 20.64 percent stake is estimated to be worth more than 1 trillion won (US$911 million), according to market watchers.
Shares of Samsung Card were trading at 50,800 won on the Seoul main bourse as of 9:01 a.m., up 6.83 percent from the previous session.