South Korea’s Samsung Card Co. has appointed banks to sell its 20.64 percent stake in Samsung Everland, Reuters reports. Goldman Sachs Group and J. P. Morgan have been hired to sell the stake in the unlisted affiliate, valued at about $1 billion.
The company plans to sell the stake through a block transaction or an initial public offering in order to meet regulatory requirements. At present, the company owns 25.6 percent of Samsung Everland, the de facto holding company for Samsung Group.
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