27 Oct 2016 10:55
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that its Board of Directors have authorized the following related-party transaction with an affiliated company.
Sale of Real Estate
- Sale of land and building to Samsung Life Insurance
□ Major Transaction Terms
Owner of Property | Samsung Electronics Co., Ltd |
Transaction Date | 11/04/2016 |
Transaction Amount | KRW 17,041 million |
Purpose of Transaction | Sale of real estate (land and building) |
Terms and Conditions | * The transaction date is the expected date of the contract closing. * The transaction amount was determined based on an average of appraised values submitted by appraisal corporations. |
Other Information:
ž Number of Independent Directors Present at the Board of Directors Meeting: 5
ž 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 an affiliate of the party required to make the disclosure.
Samsung El.gdr (SMSN)