Last checked at 12 Sep 2016 10:01
Related party transaction with affiliated company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that its Board of Directors have authorized a transaction with Samsung Securities Co., Ltd., an affiliated company of SEC.
Details
1. Date of Transaction: October 24, 2016
2. Terms of Transaction:
Start Date | October 24, 2016 |
End Date | November 30, 2016 |
Object of Transaction | Securities |
Transaction Value | KRW 82,375 million |
Type of Agreement | Firm commitment underwriting |
3. Total Value of Transaction: KRW 82,375 million
4. Number of Independent Directors Present at the BOD Meeting: 5 (100%)
5. Attendance of Audit Committee: Yes
6. Others
- The purpose of the contract is to sell the shares of Samsung Biologics owned by SEC through an initial public offering of Samsung Biologics. The transaction will be conducted through a firm commitment underwriting. Samsung Securities, the underwriter, will purchase the shares for approximately KRW 82,375 million (661,000 shares with face value of KRW 2,500).
- The registered and start date of the above transaction is the date the firm commitment underwriting agreement is executed, and the end date will be the due date of fee payment, which will be finalized in the agreement. Samsung Biologics applied for preliminary approval from KRX on August 12 but this approval is still pending at this time. After completion of the review, the firm commitment underwriting agreement will be finalized and executed shortly before the submission of securities registration statement.
- The transaction value and the number of shares may change during the process of finalizing the firm commitment underwriting agreement and the offering price may change according to the demand forecast.