Samsung Electronics Co. Ld Transactions with Affiliated Companies (2039V)
November 30 2023 - 1:54AM
UK Regulatory
TIDMSMSN
RNS Number : 2039V
Samsung Electronics Co. Ld
30 November 2023
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD)
("SEC"), on November 30, 2023, 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 33.5 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 2024; actual amounts may differ
* Separate from the foregoing total premium amount for
Samsung Life Insurance, an estimated KRW 106 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
---------------------------------------------------------------
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 24.8 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 174 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
---------------------------------------------------------------
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 2.5775 trillion
------------------------------------------------------------
Type of policy Retirement Pension Policy - Defined Benefit
------------------------------------------------------------
Terms of payment Lump sum 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 2023; actual amounts may differ
* The entire amount of the Samsung Life Insurance
premium is scheduled to be entrusted to asset
management companies and managed as income
investments
------------------------------------------------------------
Purchase of retirement pension policy from Samsung Fire &
Marine Insurance
- To ensure the stability of retirement benefit management and
enhance overall profitability of the pension policy.
Insurer Samsung Life Insurance
Policy premium KRW 753.5 billion
--------------------------------------------------------------
Type of policy Retirement Pension Policy - Defined Benefit
--------------------------------------------------------------
Terms of payment -
--------------------------------------------------------------
Insurance -
--------------------------------------------------------------
Other
* The foregoing premium refers to the amount being
transferred to Samsung Life Insurance from the
accumulated retirement benefits (defined benefit)
operated according to the insurance transaction with
Samsung Fire & Marine Insurance
* The premiums for the defined benefit plan paid to
Samsung Life Insurance in 2023 include the foregoing
amount
--------------------------------------------------------------
Transaction with Samsung Asset Management.
Company Samsung Asset Management
Date December 30, 2023
-------------------------------------------------------------
Purpose Retirement benefit (defined benefit)
to be managed as income investment
-------------------------------------------------------------
Amount KRW 2.1104 trillion
-------------------------------------------------------------
Other
* The foregoing KRW 2.1104 trillion, a portion of the
accumulated retirement benefit that SEC transferred
to Samsung Life Insurance (including premiums
transferred in FY23) to be entrusted to asset
management companies, pursuant to SEC directives and
designation, will be managed by Samsung Asset
Management as income investments
* The foregoing date is SEC's estimate of the date when
Samsung Life Insurance will entrust the funds to
Samsung Asset Management to be managed as income
investments; the actual date may differ
* The transaction period is determined in accordance
with the agreement period stipulated for the
retirement benefit (defined benefit) premium
entrusted to Samsung Asset Management
-------------------------------------------------------------
Other Information:
Number of Independent Directors present at the Board of
Directors meeting: 6
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCDZMFMNGVGFZG
(END) Dow Jones Newswires
November 30, 2023 02:54 ET (07:54 GMT)
Samsung El.144a (LSE:BC94)
Historical Stock Chart
From Nov 2024 to Dec 2024
Samsung El.144a (LSE:BC94)
Historical Stock Chart
From Dec 2023 to Dec 2024
