Transaction with Affiliate Company
Source: RNS
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") on April 29, 2021 announced that its Board of Directors has authorized the following transaction with an affiliated company.
Investment in the New Technology Investment Association
- Investment in the New Technology Investment Association (SVIC 52) established by Samsung Venture Investment Corporation (SVIC).
□ Major Transaction Terms
|
Transaction Date1) |
- |
|
Transaction Value |
KRW 99,000 million (to be made in cash) |
|
Purpose of Transaction |
Technical and business cooperation through equity investments in startups at home and abroad |
|
Terms and Conditions |
* With the investment, SEC joins the New Technology Investment Association (SVIC 52). * The total fund amounts to KRW 100 billion, which consists of KRW 99 billion from SEC and KRW 1 billion from SVIC.
1) SEC will join the association on May 17, 2021, and the funds will be paid when needed via investments or expense payments over the 7-year term of SVIC 52. Both SEC's join date and duration of SVIC 52 are subject to change. |
Other Information:
ž Number of Independent Directors present at the Board meeting: 6 (100%)
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.
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