Transaction with Affiliate Company
Source: RNS
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") on October 28, 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 56) established by Samsung Venture Investment Corporation (SVIC).
□ Major Transaction Terms
|
Transaction Date1) |
- |
|
Transaction Value |
KRW 59,400 million (to be made in cash) |
|
Purpose of Transaction |
Early identification of key materials/parts to secure competitiveness in the next-generation set products |
|
Terms and Conditions |
* With the investment, SEC joins the New Technology Investment Association (SVIC 56). * The total fund amounts to KRW 60 billion, which consists of KRW 59.4 billion from SEC and KRW 0.6 billion from SVIC. 1) SEC will join the association in November 2021, and the funds will be paid when needed via investments over the 8-year term of SVIC 56. Both SEC's join date and duration of SVIC 56 are subject to change. |
Other Information:
Number of Independent Directors present at the Board meeting: 6 (100%)
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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