Samsung Electronics Co Ltd shareholders approved a stock split on Friday making it easier for retail shareholders to hold shares in the tech giant, at an annual meeting also dogged by concerns about global trade tensions.
The meeting showcased changes the South Korean firm has made in recent years to build investor goodwill, such as strengthening its dividend policy to share the fruits of a memory chip boom that underpinned record profits in 2017.
Shareholders approved the 50:1 stock split announced in January, as well as the appointment of new board directors.
But the meeting was overshadowed by prospects of a trade war following U.S. moves to impose anti-China tariffs over what Washington says is misappropriation of U.S. intellectual property, and Chinese threats of retaliation.
Samsung Electronics is South Korea’s biggest exporter, recording $134.7 billion in export sales in 2017, and is vital to global electronics supply chains.
Outgoing chairman of the board Kwon Oh-hyun told the meeting Samsung Electronics expected uncertainty from trade protectionism and geopolitical risk to remain through 2018.
“In a broad sense, we expect uncertainties such as trade protectionism and geopolitical risks to persist throughout the year, and the paradigm in the IT industry to keep shifting,” Kwon said.
Reuters
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