26th Feb 2019 07:42
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on February 26, 2019 announced that its Board of Directors authorized the following related-party transaction with an affiliated company.
Purchase of product/completed-operations liability policy from Samsung Fire & Marine Insurance
- Purchase of product/completed-operations insurance to cover liability for property damage or injuries to a third party caused by a product defect
□ Major transaction terms
Insurer | Samsung Fire & Marine Insurance |
Application date | April 1, 2019 |
Type of insurance | Product/completed operations liability policy |
Insurance premium | KRW 9,500 million |
Insurance benefit | - |
Insurance period | April 1, 2019-March 31, 2020 (1 year) |
Total insurance premium | KRW 9,500 million |
Insurance coverage | Liability for property damage or injuries to a third party caused by a product defect |
Method of insurance payment | Lump sum |
Interest rate (%) | - |
Other information:
ž The total insurance premium is subject to changes in currency exchange rates
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 a financial affiliate of the party required to make the disclosure.
Related Shares:
Samsung El.gdr