Such affiliates are owned by the country's 61 largest business groups.

A total of seven business groups, including Samsung, Hanwha and Booyoung increased the number of their affiliates through stake purchases and establishments.

On the other hand, eight business groups, such as SK, POSCO and Taeyoung had fewer companies on the FTC's updated list.

Under Korea's fair trade law, the affiliates of large business groups with assets of 5 trillion won ($4.02 billion) or more are restricted from making equity investments in affiliates or offering loan guarantees to one another.

These rules are in place to prevent large companies from expanding their areas of business indiscriminately and to make certain they do not expose themselves to risks by overreaching their capabilities. (Yonhap)