Samsung breaks up procurement unit
Published: Aug 03, 2011
South Korea - Samsung Group is planning to sell a combined 58.7% stake in its procurement unit iMarketKorea Inc. as it hopes to bolster growth in the local maintenance, repair and operations (MRO) industry.
The stake which nine of Samsung companies hold is worth about 556.5 billion won (US$527.8 million), Reuters reported.
Comprising affiliates such as Samsung Electronics and Samsung C&T, iMarketKorea was established in 2000 to offer goods and maintenance services to business clients.
A released statement revealed that the group may continue to maintain a small stake in iMarketKorea if potential buyers show interest.
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