Samsung Electronics to borrow $16 billion from Samsung Display unit

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul

SEOUL (Reuters) – Samsung Electronics plans to borrow 20 trillion won ($15.78 billion) from unit Samsung 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.

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)

(Reporting by Joyce Lee; Editing by Kirsten Donovan)

Related posts

Spirit Christmas expands New Jersey holiday pop-ups with new 2025 locations including Toms River

Flight attendant age discrimination suit moves forward in New Jersey court against United Airlines

Judge tosses inmate’s civil rights suit against Gov. Murphy over confinement claims