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Sales of Stakes (Update)

30th Apr 2015 09:38

RNS Number : 8216L
Samsung Electronics Co. Ld
30 April 2015
 



Sales of Stakes (Update)

Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that the sales of SEC's stake in Samsung General Chemicals Co., LTD. to Hanwha Chemical Corporation (KS009830) and Hanwha Energy Corporation has been finalized and closed on April 30, 2015. The

deal was originally announced on November 26, 2014, following the approval of the transaction by

SEC's Board of Directors earlier in the day. The information below sets forth updates to the

transaction details as of the closing.

 

Details

1. Details of Transaction:

Number of Shares Outstanding and Number of Shares to be Sold (per November 26, 2014, disclosure):

Samsung Electronics plans to sell a total of 3,016,705 shares.

* Total number of Samsung General Chemicals shares outstanding: 57,060,923 (as of November 26, 2014)

 

Updated Information:

Samsung Electronics has sold a total of 3,016,705 shares.

* Total number of Samsung General Chemicals shares outstanding: 55,471,383 (as of the April 30, 2015)

(※ The change in the number of shares outstanding reflects the cancelation of treasury shares of Samsung

General Chemicals prior to closing.)

 

2. Transaction Amount (Total Consideration): 

Original Transaction Amount: KRW 100 billion

Updated Transaction Amount: KRW 97 billion

Updated transaction amount reflects the adjustment to the purchase price made following due diligence as per the terms of the definitive agreement.

† The purchase price is subject to upward adjustment subject to the satisfaction of certain conditions.

 

3. 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.

 

4. 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 391) 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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