Samsung Electronics to borrow $16 billion from Samsung Display unit

Samsung Electronics to borrow $16 billion from Samsung Display unit

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)

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