SEOUL: Samsung’s Cheil Industries Incorporation doubled on its debut on Thursday in the latest in a series of steps toward generational succession for South Korea’s largest conglomerate.
Cheil is about 42 percent owned by Samsung Electronics Company Limited Chairman Lee Kun hee and his three children, and is expected to be the main vehicle through which the family will keep control of the group.
With affiliate Samsung Card having sold its entire stake in Cheil during the offering, a link in one of Samsung’s circular cross holding structures has been broken which will make it easier to divvy up the empire between the heirs.
Kim Joon sop said there are a lot of scenarios about the final picture, but the owner family’s stakes in Cheil are one of the few cards they can play to strengthen control in units such as Samsung Electronics. Cheil’s value is expected to increase going forward.
