Samsung Electro-Mechanics Co., an affiliate of South Korea's biggest conglomerate Samsung Group, said Friday that its board has decided to sell its entire stake in Samsung Card Co. to improve its financial health and resources.

Samsung Electro-Mechanics plans to sell its 4.42 million shares to Samsung Life Insurance Co., another Samsung Group affiliate, for 157.6 billion won (US$149.7 million), the company said in a regulatory filing.

The stake sale was to be made through a block deal after the close of the local stock market Friday, Samsung Electro-Mechanics said. (Yonhap News)