Samsung SDS going public to expand its business overseasUpdated: 2014-05-09 06:27:56 KST
Samsung SDS, the IT solutions affiliate of Korea's largest conglomerate Samsung Group has announced plans to go public this year, expanding business to overseas markets.
The company explained Wednesday that conglomerates are limited from participating in the public market, preventing growth.
The CEO of Samsung SDS said it will make a new leap forward, to secure new growth technology and pioneer in communication and health care services in markets abroad.
Currently traded at around one-hundred-44 U.S. dollars per share in the over-the-counter-market, it is estimated that after the public listing, the company will be valued at around 10.eight billion U.S. dollars.
This exceeds the value of LG Electronics at 10-point seven billion, currently ranked eighteenth in the nation.
With the company's announcement Samsung is expected to speed up work to succeed the group to the children of Samsung's chairman, Lee Kun-hee.
Speaking to Seoul-based Yonhap News, a researcher at IBK securities said he believes, the company will move to divide its business and make bigger changes in the future to help cement the top shareholders' influence within the group.
Samsung Electronics currently holds the largest share of more than 22-percent of Samsung SDS.
Lee Jae-yong, the first son of Lee Kun-hee holds over 11-percent of the company shares, while daughters Lee Bu-jin and Lee Seo-hyun both have over 3-percent of the company's total shares.
IPO lead managers will be selected this month along with a decision on the size of the share offering.
Connie Kim, Arirang News.
Reporter : email@example.com
Some good news.