23rd Jun 2006 07:37
Samsung Electronics Co. Ld23 June 2006 Insurance Policy Purchase On June 20, 2006, the Board of Directors of Samsung Electronics authorizedthe purchase of an insurance policy. • Details 1. Insurer: Samsung Life Insurance 2. Insurance Policy Purchase Date: June 30, 2006 (premium payment date) 3. Type of Insurance Policy: Severance insurance policy 4. Terms and Conditions of Insurance - Insurance Premium: KRW 160.2 billion (Taking into account KRW 12.9 billion of interest accruals, the actual premium to be paid is KRW 147.3 billion) - Insurance Claim: Samsung Life will pay 59% of severance pay when a Samsung Electronics employee leaves the company. - Insurance Period: From policy purchase date to severance payment date - Premium Payment Mode: Payment in full - Interest Rate: 4.6 % (floating rate) 5. The purchase of insurance policy aims to manage severance pay in a stable manner and improve profitability of the asset. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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