July 29, 1999 in Social Responsibility News

SAMSUNG Electronics Becomes First Korean Company to Award Interim Dividends

SEOUL, Korea - July 29, 1999 - Samsung Electronics Co., Ltd. announced today that it will award interim dividends to its shareholders from the W1.3 trillion in net profit it recorded for the first half of 1999. With this announcement, Samsung has become the first public company in Korea to distribute such dividends.

On July 28th, Samsung's board of directors decided that a 10-percent cash dividend would be awarded to both common and preferred shareholders. Those holding Samsung Electronics shares on June 30, 1999 will receive the dividend on August 25th. The company will distribute W500 for each of its 170 million shares (approximately), for a total cash dividend of W84.7 billion. In comparison, a cash dividend of W87.76 billion was awarded to shareholders for the entire year of 1998 (common stock: 12-percent, preferred stock: 13-percent).

Last March at its 30th Annual General Shareholders' Meeting, Samsung Electronics instituted in its Articles of Incorporation an amendment stating that it can practice an interim dividend distribution system. Although many Korean companies have agreed to incorporate such a system, Samsung is the first public company in Korea to actually award these dividends to its shareholders.

Samsung Electronics has made shareholder-oriented management its top priority. And it plans to continue to work to develop a management system that is more transparent and rational.

Samsung Electronics Co., Ltd., with 1998 sales revenue of US$16.6 billion, is a world leader in the electronics industry. The Korean-based firm has operations in 46 countries with 42,000 employees worldwide. The company consists of three main business units: Multimedia & Home Appliances, Semiconductors and Information & Telecommunications. For more information, please visit our website, http://www.samsungelectronics.com


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