Samsung will sell 12 million shares of credit card company

Samsung Card Co., Korea’s No. 2 credit card provider, said yesterday it plans to list 12 million shares on the main stock exchange next month.
At a board meeting earlier in the day, Samsung Card directors agreed to increase capital by selling 6 million new shares and the same number of existing stocks for public subscription. The shares will be listed on June 27, the company said in a regulatory filing yesterday.
With the completion of the offering, Samsung Card will be capitalized at 526.6 billion won ($565.1 million), up from the current 496.6 billion won.
The initial share price has not yet been determined. Korea Investment & Securities Co. is arranging the sale, the card company said.
As of Friday, Samsung Card shares were trading at 59,500 won apiece over the counter.
Samsung Card is an affiliate of Samsung Group, Korea’s top family-run conglomerate. Samsung Electronics Co., the world’s biggest memory chip maker, is the card company’s biggest shareholder, with a 46.9 percent stake. Four other Samsung companies own a combined 43 percent interest.
Samsung Card obtained approval from the local stock market regulator last month to become the nation’s first credit provider to sell shares to the public since bigger rival LG Card Co. in 2002.