31 Jan 2024 07:00
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on January 31, 2024, announced that its Board of Directors has authorized the following related-party transaction with an affiliated company.
Trademark License Agreement
- Grant trademark license to Samsung Medison
? Major Transaction Terms
Transaction Item | License fee for use of trademark |
Transaction Date | February 1, 2021 |
Transaction Period | February 1, 2021-January 31, 2024 |
Transaction Value | KRW 6.6 billion (total transaction value: KRW 6.6 billion) |
Contract Type | - |
Other information | - The cumulative transaction value up to end-2022 was less than the threshold for Board approval of KRW 5 billion. However, when adding the total value for 2023, the cumulative value exceeds the threshold, necessitating Board approval to collect the trademark license fees.
- The transaction date is the date the trade license agreement was made with Samsung Medison.
- The transaction value is an estimated cumulative amount for the transaction period (i.e., 3 years) and may change according to Samsung Medison's revenue.
* The license fee is set at 0.5% of Samsung Medison's revenue (excluding revenue not related to the use of trademark) and shall be paid every year during the transaction period. |
Other Information:
? Number of Independent Directors Present at the BOD Meeting: 6/6
? 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.
Samsung El.gdr (SMSN)