17th Mar 2021 08:39
Transaction with Affiliate Company
The Board of Directors of Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on March 17, 2021 authorized the following related-party transaction with an affiliated company.
Purchase of products and completed operations liability policy from Samsung Fire & Marine Insurance
- Purchase of products and completed operations insurance to cover liability for property damage or bodily injuries to a third party caused by a product defect
□ Major transaction terms
Insurer | Samsung Fire & Marine Insurance |
Application date | April 1, 2021 |
Type of insurance | Products and completed operations |
Insurance premium | KRW 9,800 million |
Insurance benefit | - |
Insurance period | April 1, 2021-March 31, 2022 (1 year) |
Total insurance premium | KRW 9,800 million |
Insurance coverage | Liability for property damage or bodily injuries to a third party caused by a product defect |
Method of insurance payment | Lump sum |
Interest rate (%) | - |
Other information:
The total insurance premium is subject to changes in currency exchange rates
Number of Independent Directors present at the BOD 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 financialand real estate transactions in the event the value of such a transaction is greater or equal to KRW 5 billion and thecounterparty is a financial affiliate of the party required to make the disclosure.
Related Shares:
Samsung El.gdr