Samsung becomes largest shareholder of Rainbow Robotics

MG News | December 31, 2024 at 09:34 AM GMT+05:00

0:00

December 31, 2024 (MLN): Samsung Electronics has become the largest shareholder of South Korea's Rainbow Robotics, the robotics company said in a regulatory filing on Tuesday.

Samsung, which had previously invested in the robotics company, has newly acquired a 267 billion won ($181 million) stake, according to the filing.

Following the acquisition, Samsung is establishing a Future Robotics Office that will report directly to the CEO, the company said in a separate statement, as Reuters reported.

Prior to the deal, Samsung Electronics was the second-biggest shareholder of Rainbow Robotics, holding a 14.71% stake, or about 2.85mn shares, in the company.

Previously, the largest shareholder was the firm's founder Oh Jun-ho and associated entities.

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