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KB Securities said on the 26th that the change in corporate governance of Samsung C&T is inevitable due to the death of Chairman Lee Kun-hee, but any change in any way will be positive for Samsung C&T shareholders.
KB Securities predicted that as Samsung Group Chairman Lee Kun-hee, who was battling illness, died the day before, a change in the governance structure of Samsung Group will be inevitable in the process of dealing with holdings. Chairman Lee Kun-hee’s top shares were 4.2% Samsung Electronics, 20.8% Samsung Life Insurance and 2.9% Samsung C&T, and the market value of these shares reached 18.2 billion won based on the recent closing price. In particular, KB Securities emphasized that the issue of the disposal of Samsung Life shares needs attention, as it is intertwined with the amendment to the commercial insurance law pending in the National Assembly.
In the market, various ideas related to corporate governance reorganization have been discussed with the mind of Lee Kun-hee’s death.
Representative examples include a method to acquire an interest in Samsung Electronics held by Samsung Life after selling an interest in Samsung Biologics held by Samsung C&T, or a plan to merge the investment division with Samsung C&T after dividing Samsung Electronics into an investment division and a commercial division. However, KB Securities predicted that this would be difficult to become visible early, given the forced conversion of Samsung C&T to a holding company, the non-retention of Samsung Electronics’ own shares, and the deferred regulations of the industry law amendment. insurance. Furthermore, it was predicted that it would not be easy to initiate an artificial reorganization of governance, as Vice President Lee Jae-yong’s first trial on the succession of management rights started recently and the dismissal trial for the destruction of bribery charges. Gukjeong Nongdan resumes as of today.
Jung Dong-ik, a researcher at KB Securities, said: “At this point, it is difficult to predict what kind of corporate governance restructuring the Samsung Group will eventually attempt, but at least the corporate value of Samsung C&T is, at least, since the Vice Chairman Lee Jae-yong is the largest shareholder in Samsung C&T with a 17.3% stake. The possibility of a ruined decision-making will be very low, “he said.” Considering that the inheritance tax of 1.03 trillion won in total owes being paid by the heirs, the possibility of a future dividend increase is high. ”
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