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Transaction with Affiliate Company

27th Oct 2016 10:55

RNS Number : 6291N
Samsung Electronics Co. Ld
27 October 2016
 

Transaction with Affiliate Company

 

Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that its Board of Directors have authorized the following related-party transaction with an affiliated company.

 

Sale of Real Estate

- Sale of land and building to Samsung Life Insurance

Major Transaction Terms

Owner of Property

Samsung Electronics Co., Ltd

Transaction Date

11/04/2016

Transaction Amount

KRW 17,041 million

Purpose of Transaction

Sale of real estate (land and building)

Terms and Conditions

* The transaction date is the expected date of the contract closing.

* The transaction amount was determined based on an average of appraised values submitted by appraisal corporations.

Other Information:

ž Number of Independent Directors Present at the Board of Directors Meeting: 5

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.

 

 

 

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