Samsung Card Denies Samsung Life Plans to Sell Stake

Samsung Card Co. said Samsung Life Insurance Co., its second-biggest shareholder, is not planning to sell its stake in the credit-card company.

The Korea Economic Daily reported today the insurer may sell its 26.4 percent holding in Samsung Card to Shinsegae Co., citing a Samsung Group official it didn’t identify. The sale is aimed at streamlining cross-shareholdings among Samsung Group units, the report said.

The report is “groundless,” Samsung Card said in regulatory filing. Samsung Card shares fell 3.6 percent to 55,400 won as of 1:29 p.m. in Seoul after falling as much as 6.1 percent.

Samsung Card owns 25.6 percent in Samsung Everland Inc., which in turn has a 13.3 percent holding in Samsung Life.