Samsung Electronics now owns 14.99 percent of Rainbow Robotics

Industry

Published: 16 Mar. 2023, 18:49

Samsung Electronics now owns 14.99 percent of Rainbow Robotics

Han Jong-hee, Samsung Electronics vice chairman, during the general shareholder meeting held Wednesday in Suwon, Gyeonggi. [JOINT PRESS CORPS]

Samsung Electronics acquired an additional 4.77 percent of Rainbow Robotics following the purchase of 10.22 percent of the company in January, according to a regulatory filing Thursday.

The latest purchase of shares, from the company’s chief technical officer and five other shareholders, cost 27.8-billion-won ($21.2 million).

Its shareholding is now 14.99 percent following the earlier 59 billion won purchase.

Samsung Electronics also bought a call option that can push its shareholdings to a combined 59.94 percent. The option expires in six years.

Founded in 2011, Rainbow Robotics is a Daejeon-based robotics developer with expertise in multi-legged robots.

Samsung Electronics cited the robotics business as one of its key growth engines for the future during its general shareholder meeting held on Wednesday.

“We are preparing for the upcoming era of robots,” said Han Jong-hee, Samsung Electronics vice chairman, during the shareholder meeting.

“Samsung is working on securing technologies for commercial deployment, and plans to put forward various robotics businesses based on such technologies,” said Han.

“Samsung Electronics seems to be considering a possible merger of the company, depending on its future performance,” said Yang Seung-yoon, an analyst at Eugene Investment.

“The major aims behind the stock purchasing are likely to be process automation at Samsung companies using Rainbow Robotics’ collaborative robots and development of robot products through joint research,” according to Yang.

Rainbow Robotics surged 29.98 percent on the Kosdaq on Thursday, closing at 112,300 won

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]