Samsung SDS CEO pledges to try to uphold share value

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Samsung SDS CEO pledges to try to uphold share value

Hong Won-pyo, CEO of Samsung SDS, said Wednesday he will do his best not to diminish the value of the company’s shares when it spins off its logistics business.

But he was short on details, saying, “We will announce the specifics of the plan and how we are going to do it through an official channel.”

On Tuesday, the key affiliate of Samsung Group said it is considering getting rid of its logistics business to enhance the group’s global competitiveness, through a regulatory filing based on board meetings held in the morning.

Rumors have been swirling since last week that the separated unit will merge with Samsung C&T, but no details about it were included in the report.

After the regulatory filing was announced, a group of minority shareholders visited the company’s headquarters in Songpa District, southeastern Seoul, to oppose the idea, worrying the value of their stock would plummet.

When rumors about the merger first surfaced on Friday, Samsung SDS shares tumbled by 10.8 percent to 149,000 won ($129).

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