Number of conglomerate affiliates decrease slightly

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Number of conglomerate affiliates decrease slightly

The total number of affiliates connected to the 62 conglomerates in Korea is four less than a month ago.

According to the Fair Trade Commission, the total numbers of affiliates as in June 1 was 1,788.

It said that while 14 companies were no longer labled as affiliates, 10 were added.

LS Group added two affiliates, including an agricultural and livestock distribution company, after acquiring an 89.9 percent stake, as well as an automobile importer.

SK Group added a cargo distribution company, while the retail giant Shinsegae added Seoul Express Bus Terminal by acquiring its shares.

The naton’s leading conglomerate, Samsung, its rival LG, GS, KT and Tong Yang also added one affiliates each last month.

On the other hand, Hyosung Group lost control of six affiliates, and GS lost two affiliates, including a delivery company and sewage management company.

LG, KT, Daewoo E&C and Hyundai Development each lost an affiliate.

Conglomerate affiliates have been shrinking since last year as the government tightens regulations against the concentration of affiliates.

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