Samsung invests $15m in Otelinox

South-Korean-based Samsung is planning to invest another $15 million in the special steel maker Otelinox Targoviste, where it holds the controlling interests, signalling that South-Koreans will not give up the fight with minority shareholders.

Chung Woo, Samsung Corp CEO and chairman of the board, who met with the Romanian Foreign minister Mircea Geoana in Seoul on Thursday expressed his interest in taking part in the privatisation of other industrial capacities and development of terrestrial and harbour infrastructure projects.

Samsung’s investments in Otelinox are part of the investment programme assumed upon the company’s privatisation back in 1997. Otelinox is considered to be a profitable company, as the financial results (turnover and earnings) are on an upward trend.

However, there is a certain inner turmoil at Otelinox, caused by the fight between Samsung Deutschland, the majority stockholder, and Lindsell and Broadhurst investment funds, the minority shareholders.