Last checked at 27 Jul 2023 08:15
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on July 27, 2023, announced that its Board of Directors authorized the following related-party transaction with an affiliated company.
Purchase of Mobile device insurance policy from Samsung Fire & Marine Insurance
□ Major transaction terms
Insurer | Samsung Fire & Marine Insurance |
Application date | August 2023 |
Type of insurance | Mobile device insurance |
Insurance premium | KRW 5.91 billion |
Insurance benefit | - |
Insurance coverage period | 1 year from the application date |
Total insurance premium | KRW 5.91 billion |
Insurance coverage | Smartphone liability (for models designated by SEC) |
Method of insurance payment | Installments in accordance with the application date |
Interest rate (%) | - |
Purpose of transaction | To comprehensively insure against the risks and potential losses caused by unpredictable accidents associated with SEC's mobile devices |
Other information:
- The application date refers to the date on which the Company purchases a mobile device insurance policy, and the Company plans to complete the purchase in August 2023.
- The total amount for insurance premium is an estimate, and such amount may change in relation to the number of smartphones sold.
- Number of Independent Directors present at the Board of Directors Meeting: 6 (100% attendance)
- Attendance of Audit Committee: Y
※ 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 a financial affiliate of the party required to make the
disclosure.