October 16, 2000 in Social Responsibility News

SAMSUNG to Repurchase Large Portion of its Shares

SEOUL, Korea #October 16, 2000 #In an extraordinary Board of Directors meeting today, Samsung Electronics decided to repurchase a large portion of its shares in order to re-emphasize the company# shareholder-oriented management policies.

The purchase will encompass 2-percent of the total number of stocks issued or 3 million common shares and 400 thousand preferred shares. At current share prices, the purchase is valued at approximately W500 billion.

This stock repurchase plan is the largest such ever made in Samsung Electronics#history.

Through this decision, Samsung has taken direct steps to stop the declining value of its share price. Since the beginning of this year, the share price has fallen by 40%. In addition, Samsung hopes to show its shareholders that the company will take aggressive measures in order to protect their interests.
According to Korean law, the stock repurchase will take place from after 3 days and within 3 months of the official disclosure. Samsung is carefully considering the possibility of retiring these shares should the decision prove to be advantageous to both the company and its shareholders.

Samsung Electronics states, #amsung will continue to utilize measures such as dividends or stock repurchase plans in order to revert company profits to shareholders.#

Samsung Electronics#market capitalization makes up 13% of the total market capitalization of all listed stocks in the Korean stock exchange. The stock repurchase plan is also expected to revitalize the depleting Korean stock market.

About Samsung Electronics
Samsung Electronics Co., Ltd., with 1999 sales revenue of US$22.8 billion is a world leader in the electronics industry. The Korea-based concern has operations in about 50 countries with 54,000 employees worldwide. The company consists of three main business units: Digital Media, Semiconductors and Information & Communications Businesses. For more information, please visit our website, http://www.samsungelectronics.com

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