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Sales of Stakes

30th Oct 2015 07:00

RNS Number : 9690D
Samsung Electronics Co. Ld
30 October 2015
 



 

Sales of Stakes

Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today on Oct 30, 2015 has authorized the sales of SEC's stake in Samsung Fine Chemicals Co., LTD. to Lotte

Chemical Corporation. The transaction is subject to regulatory review and certain other customary

closing conditions. SEC expects that the transaction will close within the first half of 2016. Samsung Fine Chemicals is an affiliate of SEC.

 

Details

1. Details of Transaction:

Samsung Electronics plans to sell a total of 2,164,970 shares of Samsung Fine Chemicals, as well as

stakes in other affiliates(Samsung SDI, Samsung C&T, Hotel Shilla, and Samsung Electro-Mechanics).

* Total number of Samsung Fine Chemicals shares issued: 25,800,000

2. Transaction Amount (Total Consideration): KRW 125.350 billion *

* Subject to adjustments in consideration as per the definitive agreement

3. Date of the Definitive Agreement

The effective date of the definitive agreement is 30 October 2015. The asset transfer reflecting

adjustments will be completed within the first half of 2016.

4. Reason for Divestment

The purpose of divestment is to reinvest the capital in new businesses and in SEC's existing to

strengthen the company's core competencies.

 

5. Other Information

ž Details on contract resolution (including put-option): None

 

* This public disclosure is in accordance with the Financial Investment Services and Capital Markets Act (Article 200-1) of the Republic of Korea, which requires major shareholders of a stock-listed corporation to report matters concerning the current status of specific securities, etc. owned by type and changes therein. This disclosure contains forward-looking statements. Readers are cautioned that such forward-looking statements involve risks and uncertainties that could significantly affect actual results from those expressed in any such forward-looking statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in SEC's core businesses and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events, (iii) currency exchange rates, (iv) changing levels of competition, (v) changes in laws and regulations, (vi) general competitive factors, in each case on a local, regional, national and/or global basis. The matters discussed herein may also be affected by risks and uncertainties described from time to time in SEC's filings with the Korea Stock Exchange (KRX), FSS (Korea) and Samsung Website. Further information about risks and uncertainties affecting Samsung Electronics Co., Ltd. is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on http://www.samsung.com/ir. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of SEC may vary materially from those described in the relevant forward-looking statement, and all such statements are subject to certain risks and uncertainties that could cause our actual results to be materially different from those expressed herein. The company assumes no obligation to update any forward-looking statement.

  

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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