31 Oct 2018 07:48
Transaction with Affiliate Company
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Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") on October 31, 2018 announced that its Board of Directors has authorized the following transaction with an affiliated company.
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Investment in a Venture Fund
- Investment in the New Technology Investment Fund of Samsung Venture Investment Corporation (SVIC 42), an affiliated company of Samsung Electronics
â–¡ Major Transaction Terms
Transaction Date | - |
Transaction Value | KRW 49,500 million (99% of the total fund: KRW 50,000 million) |
Purpose of Transaction | To invest in promising start-ups with AI technology to develop next-generation technologies |
Terms and Conditions | * With regards to the date of transaction, the establishment of the new venture fund is scheduled for December, 2018 but is subject to change. * The total fund is comprised of KRW 49.5 billion from SEC and KRW 0.5 billion from SVIC. |
Other Information:
ž Number of Independent Directors present at the BOD meeting: 6 (100%)
ž Attendance of Audit Committee: Y
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※ This disclosure is in accordance with the Korean Fair Trade Act, which mandates that a company must disclose financial and real
estate transactions in the event the value of such a transaction is greater or equal to KRW 5 billion and the counterparty is an
affiliate of the party required to make the disclosure.
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