31st Oct 2018 07:48
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") on October 31, 2018 announced that its Board of Directors has authorized the following transaction with an affiliated company.
Investment in a Venture Fund
- Investment in the New Technology Investment Fund of Samsung Venture Investment Corporation (SVIC 42), an affiliated company of Samsung Electronics
□ Major Transaction Terms
Transaction Date | - |
Transaction Value | KRW 49,500 million (99% of the total fund: KRW 50,000 million) |
Purpose of Transaction | To invest in promising start-ups with AI technology to develop next-generation technologies |
Terms and Conditions | * With regards to the date of transaction, the establishment of the new venture fund is scheduled for December, 2018 but is subject to change. * The total fund is comprised of KRW 49.5 billion from SEC and KRW 0.5 billion from SVIC. |
Other Information:
ž Number of Independent Directors present at the BOD 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.
Related Shares:
Samsung El.gdr