Claims for Samsung C&T stock purchase only worth 670.2 billion won

The value of shares that investors made their claims for stock purchase, which was considered the biggest obstacle to merger between Samsung C&T and Cheil Industries, only reached an amount that does not affect the merger of the two companies. The two companies plan to launch “merged Samsung C&T” on September 1 as scheduled.

Samsung C&T on Friday made public disclosure, suggesting that the tally of claims for stock purchase made by shareholders through 12 midnight on Wednesday, which it had received from shareholders, amounted to 11,710,730 shares (including 11,710,687 common shares and 43 preferred shares). The value amounted to 670,250,959,856 won. As for Cheil Industries, claims for stock purchase only amounted to one share in total. The value amounted to 156,493 won. Claims for stock purchase refer to the right that enables a shareholder who is opposed to special decisions by a shareholders meeting, including merger, to demand the company purchase his or her shareholding.

Samsung C&T and Cheil Industries will launched their merged entity on September 1, and register the merged entity on September 4. The distribution of new shares for the merged company will be publicized on September 14.

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