27 Oct 2016 10:49
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that its Board of Directors have authorized the following transaction with an affiliated company.
Investment in a Venture Fund
- Additional investment in the New Technology Investment Fund of Samsung Venture Investment Corporation's (SVIC 33), an affiliated company of Samsung Electronics
□ Major Transaction Terms
Transaction Date | 11/11/2016 |
Transaction Value | KRW 198,000 million (99% of the total fund: KRW 200,000 million) |
Purpose of Transaction | To invest in promising start-ups in order to develop next-generation technologies and establish ecosystems |
Terms and Conditions | * With regards to the date of transaction, the establishment of the new venture fund is scheduled for November 11, 2016 but is subject to change. * The total fund is comprised of: KRW 198 billion from SEC and KRW 2 billion from SVIC. |
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)