March 07, 2003 in Social Responsibility News

Share Buy-Back & Cancellation

Samsung Electronics appreciates your ongoing trust and confidence in the Company. At this time management would like to announce that the following agendas have been approved by the board of directors on March 7, 2003.

I. Share Buy-Back & Cancellation

On the issue of share buy-back and cancellation, the BOD has approved to purchase and cancel 3.1 million common shares and 0.47 million preferred shares. (Both 3.1 million common shares and 0.47 million preferred shares represent 2% of the shares outstanding for each class respectively) This will amount to approximately 1 trillion KRW based on the price at the time of the purchase. The buy-back may commence 3 regular days after this announcement DATE, Tuesday, March 11, and will be completed within a 3-month buy-back period. The cancellation of the shares will take place immediately after the entire buy-back is completed.

Management proposed the share buy-back and cancellation in order to share the Company’s profits with its shareholders. The Company will internally finance the buy-back with its balance of 6.9 trillion KRW in cash & cash equivalents.

Samsung Electronics would like to express its thanks for the ongoing support of its shareholders, and hopes to strengthen this relationship going forward in the future.


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