Samsung Elec says reviewing shift to holding company structure
Published: 2016-11-29 09:15:08.0 BdST Updated: 2016-11-29 09:15:08.0 BdST
Tech giant Samsung Electronics Co Ltd said on Tuesday it will consider whether to transition to a holding company structure, a move long expected as the next succession step for the founding Lee family's heirs.
The world's top maker of smartphones, memory chips and televisions said it was also examining the potential benefits of listing its shares on other overseas markets, and had hired advisers to conduct a review.
"The review does not indicate the management or the board's intention one way or another," the company said in a statement, adding it would take at least six months.
Samsung's remarks come after US activist hedge fund Elliott Management proposed in October the firm split itself into a holding vehicle for ownership purposes and an operating company. The hedge fund owns only 0.6 percent of the firm but its proposals have won support from several major international institutional investors.
Investors and analysts have long viewed such a split as a way for Lee family scion Jay Y Lee and his two sisters to boost their control of the crown jewel of South Korea's top conglomerate, the Samsung Group.
Samsung also said it would pay out 50 percent of its free cash flow to shareholders for 2016 and 2017 and pay 28,500 won ($24.36) per share in total dividends for 2016, up 36 percent from 2015.
It plans to buy back and cancel additional shares in January 2017 with whatever excess capital that remains from its free cash flow for 2016.
Any unauthorised use or reproduction of bdnews24.com content for commercial purposes is strictly prohibited and constitutes copyright infringement liable to legal action.
- Hackers exploited Word flaw for months while Microsoft investigated
- Uber looks to soar with flying taxis by 2020
- Bose headphones spy on listeners: lawsuit
- Inspired by Pokemon Go, Facebook pushes augmented reality
- Facebook shareholders propose reports on 'fake news', pay equality
- China live streaming: Would-be internet stars boost billion-dollar market
- Cyber attack on Union Bank of India similar to Bangladesh heist: WSJ
- Google promises to open merchant account in Bangladesh
- Computer hack sets off 156 emergency sirens across Dallas
- YouTube tweaks ad strategy to curb content stealing
- 'Operation Eagle Hunt' on: Final appeal to militants to surrender
- Hillary Clinton’s aides threatened me with tax audit: Sajeeb Wazed Joy
- Commerce Minister Tofail hints at 'conspiracy' behind Dollar gaining against Taka
- Cameron ‘proud’ of Bangladesh, says ‘sorry’ for not visiting as prime minister
- Housewife bites off alleged rapist's tongue in Feni
- Bangladesh directors to boycott actor Shakib Khan
- Hot, humid weather may continue for two more days, says Met office
- Actor Vinod Khanna dies at 70 from cancer
- Five-year-old Sumaiya speaks about her 'abduction'
- Unite to fight against violent ideology of terrorism, ex-PM Cameron says from Dhaka