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Transaction with Affiliate Company

29th Nov 2024 07:41

RNS Number : 1755O
Samsung Electronics Co. Ld
29 November 2024
 

Transaction with Affiliate Company

 

Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC"), on November 29, 2024, announced that its Board of Directors has authorized the following related-party transactions with affiliated companies.

 

Purchase of retirement pension policy from Samsung Life Insurance

- To ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.

Insurer

Samsung Life Insurance

Policy premium

KRW 36.0 billion

Type of policy

Retirement Pension Policy - Defined Contribution

Terms of payment

Installment payments

Insurance

Pay retirement benefit at the time of retirement

Other

-  The insurance period ends on the contract end date

-  Policy premiums are estimated amounts for the financial year 2025; actual amounts may differ

-  Separate from the foregoing total premium amount for Samsung Life Insurance, an estimated KRW 289.8 billion in retirement benefits from its defined benefits plan is expected be transitioned to its defined contribution plan during FY25, although the actual amount may differ

 

Purchase of retirement pension policy from Samsung Securities

- To ensure the stability of retirement benefit management and enhance overall profitability of the pension policy.

Insurer

Samsung Securities

Policy premium

KRW 57.5 billion

Type of policy

Retirement Pension Policy - Defined Contribution

Terms of payment

Installment payments

Insurance

Pay retirement benefit at the time of retirement

Other

-  The insurance period ends on the contract end date

-  Policy premiums are estimated amounts for the financial year 2025; actual amounts may differ

-  Separate from the foregoing total premium amount for Samsung Securities, an estimated KRW 886.1 billion in retirement benefits from its defined benefits plan is expected be transitioned to its defined contribution plan during FY25, although the actual amount may differ

 

Revised) Purchase of retirement pension policy from Samsung Securities

- To modify the information disclosed on November 30, 2023 as the estimated policy premium for financial year 2024 increased by more than 20% from a year ago(KRW 24.8 billion → 31.8)

Insurer

Samsung Securities

Policy premium

KRW 31.8 billion

Type of policy

Retirement Pension Policy - Defined Contribution

Terms of payment

Installment payments

Insurance

Pay retirement benefit at the time of retirement

Other

-  The insurance period ends on the contract end date

-  Policy premiums are estimated amounts for the financial year 2024; actual amounts may differ

-  Separate from the foregoing total premium amount for Samsung Securities, an estimated KRW 590.8 billion in retirement benefits from its defined benefits plan is expected be transitioned to its defined contribution plan during FY24, although the actual amount may differ

 

Sale of real estate to Samsung SDS

 

Transaction time

December 2024

Transaction amount

KRW 21.5 billion

Purpose of transaction

Sale of land and building

Other

-  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.

-  The information above may be changed.

 

Other Information:

ž Number of Independent Directors present at the Board of Directors meeting: 6

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 10 billion and the counterparty is a financial affiliate of the party required to make the disclosure.

 

 

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