Samsung's claim

SEOUL: Tech giant Samsung Electronics Co Ltd on Tuesday denied a report that it planned to sell its majority stake in medical equipment maker Samsung Medison Co Ltd, saying it was groundless. ChosunBiz, a South Korean online publication, said Samsung Electronics will formally start the sales process for its 68.5 per cent stake in unlisted Samsung Medison in March and has already begun searching for potential buyers. Medison’s weak earnings are driving the decision to sell the company, it said. Samsung first bought a stake in Samsung Medison in 2011 as it sought new growth and a more diverse business portfolio. It bought additional shares in September.