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Samsung Electronics to borrow $16 billion from Samsung Display unit

Published 02/14/2023, 06:27 AM
Updated 02/14/2023, 06:31 AM
© Reuters. FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019.   REUTERS/Kim Hong-Ji
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SEOUL (Reuters) - Samsung Electronics (OTC:SSNLF) plans to borrow 20 trillion won ($15.78 billion) from unit Samsung (KS:005930) Display to use as operational funds, the tech giant said in a regulatory filing on Tuesday.

Samsung plans to borrow the funds at a 4.6% interest rate until August 2025, it said.

© Reuters. FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019.   REUTERS/Kim Hong-Ji

Samsung indicated last month it has no plan to cut investment in chips this year, despite reporting an 8-year-low profit in the December quarter driven by a sharp industry downturn.

($1 = 1,267.7500 won)

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