Published : Jan. 30, 2015 - 21:48
Samsung Electronics’ Boeing business jet, the B737-700
Samsung Group, which sold four business units to Hanwha Group in November, is considering buying back the jet planes and helicopters that are used by its owner family.
Samsung said Friday that it hopes to acquire three planes and six helicopters, with a 5 percent stake owned by Samsung Techwin ― an aerospace parts producer that was sold to Hanwha as part of the 1.9 trillion won ($1.7 billion) package deal.
Samsung Techwin has operated a team that manages commuter jets for its owner family, including Samsung Electronics chairman Lee Kun-hee, along with helicopters for executives. Samsung Electronics owns 95 percent of the stakes in the team.
“Related talks will start after the existing sales process is completed by the first half of this year. We have yet to decide which affiliate would acquire the stakes,” a Samsung official said.
Some industry watchers say Samsung C&T, the construction and trading unit, is likely to acquire the stakes for about 120 billion won, considering the growing foreign share holdings of Samsung Electronics, the conglomerate’s flagship unit.
Under the local aviation law, companies with foreign majority ownership are not allowed to own a jet plane that can be mobilized for military use in case of an emergency. As of Friday, 51.39 percent shares in Samsung Electronics were held by foreign investors.
In November, Samsung announced it would sell its defense affiliate Samsung Techwin and chemical unit Samsung General Chemicals to Hanwha in a mega deal.
Two other affiliates Samsung Thales and Samsung Total Petrochemical were automatically included in the deal as the two firms were half-owned by the companies being sold to Hanwha.
Samsung has been speeding up its structural reorganization since chairman Lee’s hospitalization following a heart attack in May. His only son Jay-yong, vice chairman of Samsung Electronics, has been de facto leader of the tech giant.
By Lee Ji-yoon (jylee@heraldcorp.com)