SAMT Burns Half of Subsidiary Shares... "Foundation for Overseas Expansion"

[Asia Economy Reporter Ji Yeon-jin] SAMT announced on the 4th that it will cancel 136,372,500 common shares of its subsidiary To-Top Electronics Company Limited.

The par value per share is 144 KRW, and the capital reduction ratio is 50%, resulting in a post-reduction capital of 19,622,750,000 KRW.

The record date for this capital reduction is June 30, and the company stated that this is being carried out to incorporate To-Top Electronics as a subsidiary for SAMT's overseas market expansion.

SAMT signed a joint venture agreement with Supreme Electronics, a Taiwanese electronic components distribution company, to establish a JV for electronic components distribution business in the China region. In February 2011, SAMT and Golden Supreme International, a Hong Kong-based subsidiary of Supreme, invested 50-50 to establish To-Top Electronics.