Samsung Card denies report on Samsung Life's plans for stake sale

SEOUL, Jan. 4 (Yonhap) -- Samsung Card Co., denied a media report on Monday that
Samsung Life Insurance Co. is considering selling its stake in the card company
to retail giant Shinsegae Co.

A local economic daily reported that the life insurer is planning to sell its
stake in the card firm in a bid to cut a cross-shareholding structure of its
parent group after listing its shares on the main bourse in the first half this
year.
"The report is groundless," the card company said in a regulatory filing.
Samsung Card is 35.2 percent owned by Samsung Electronics Co., the biggest
shareholder, followed by Samsung Life Insurance with a 26.4 percent interest.
sooyeon@yna.co.kr
(END)