South Korean electronic giant, Samsung has disclosed that the company would borrow 15.78billion from its subsidiary
Samsung Electronics The tech giant said in a regulatory filing on Tuesday that KS intends to borrow $15.78 billion (20 trillion won) from the subsidiary Samsung Display to be used as operating capital.
Samsung stated that it intended to borrow the money at a 4.6% interest rate until August 2025.
Samsung said last month that despite reporting an 8-year low profit in the December quarter caused by a dramatic industry slowdown, it had no plans to reduce investment in semiconductors this year.
The South Korean company is one of the world’s largest producers of electronic devices.
The business specializes in producing a wide range of consumer and industrial electronics, including integrated systems, digital media devices, semiconductors, and appliances.
It now ranks among the most famous names in technology and contributes to nearly one-fifth of all exports from South Korea.
Lee Byung-Chull established Samsung on March 1st, 1938, as a grocery trade store. Initially, he traded noodles and other products made in and around Taegu, Korea, sending them to China and its regions.