Samsung Securities Co. Ltd. completed the acquisition of an additional 47% stake in Samsung Futures Inc. from Samsung Life Insurance Co., Ltd., Samsung Fire & Marine Insurance Co., Ltd., and Samsung Life Public Welfare Foundation, Endowment Arm.
June 30, 2014 at 12:00 am EDT
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Samsung Securities Co. Ltd. (KOSE:A016360) agreed to acquire an additional 47% stake in Samsung Futures Inc. from Samsung Life Insurance Co., Ltd. (KOSE:A032830), Samsung Fire & Marine Insurance Co., Ltd. (KOSE:A000810), and Samsung Life Public Welfare Foundation, Endowment Arm for KRW 82 billion on May 9, 2014. Samsung Securities will acquire 1.18 million shares of Samsung Futures and after the deal, Samsung Securities will hold 98% stake in Samsung Futures. Samsung Life Insurance Co., Ltd. will sell 1.03 million shares for KRW 71.57 billion, Samsung Fire & Marine Insurance Co. will sell 0.1 million shares for KRW 6.98 billion, and Samsung Life Public Welfare Foundation will sell 0.05 million shares for KRW 3.49 billion.
For the year ended December 31, 2013, Samsung Futures reported revenues of KRW 46.8 billion, total assets of KRW 786.1 billion, net income of KRW 5.5 billion and total common equity of KRW 138.2 billion. The Board of Samsung Life Insurance Co. approved the deal. The transaction is expected to settle on May 14, 2014.
Samsung Securities Co. Ltd. (KOSE:A016360) completed the acquisition of an additional 47% stake in Samsung Futures Inc. from Samsung Life Insurance Co., Ltd. (KOSE:A032830), Samsung Fire & Marine Insurance Co., Ltd. (KOSE:A000810), and Samsung Life Public Welfare Foundation, Endowment Arm in the period ended June 30, 2014.
Samsung Life Insurance Co Ltd is a Korea-based company principally engaged in the life insurance business. The Company provides death insurance, survival insurance, life-and-death insurance, group insurance, and other insurance. The Company's life insurance includes guarantee insurance such as life insurance, health insurance and critical illness (CI) insurance, as well as savings insurance such as pension insurance and savings insurance. In addition, the Company is engaged in the businesses such as loans, securities, cash deposits and trusts, and real estate, among others.
Samsung Securities Co. Ltd. completed the acquisition of an additional 47% stake in Samsung Futures Inc. from Samsung Life Insurance Co., Ltd., Samsung Fire & Marine Insurance Co., Ltd., and Samsung Life Public Welfare Foundation, Endowment Arm.