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The heirs of late Samsung Group Chairman Lee Kun-hee offloaded about 1.8 trillion received ($1.3 billion) price of Samsung Electronics Co. shares via a block deal on Thursday to cowl inheritance taxes and mortgage funds, based on funding banking sources.
Hong Ra-hee, the spouse of the late chairman, and her daughters – Lee Boo-jin, president of Lodge Shilla Co., and Lee Search engine optimisation-hyun, president of Samsung C&T Corp. – offered a portion of their 17.7 million shares in Samsung Electronics after market shut on Thursday.
The shares up on the market in a block deal had been valued at about 1.84 trillion received on Thursday.
The three heirs provided to promote the shares between 102,200 received and 104,100 received, or as much as a 1.8% low cost to Thursday’s closing worth. The precise low cost price utilized to the block deal has not but been disclosed.
That they had signed a belief settlement with Shinhan Financial institution to eliminate their holdings for the aim of tax cost and debt reimbursement.
Hong positioned 10 million shares in Samsung Electronics in belief, Lee Boo-jin 6 million, and Lee Search engine optimisation-hyun 1.72 million.
Following the sale, Hong’s stake on the planet’s largest reminiscence chipmaker will seemingly fall from 1.66% to 1.49%.
The discount will convey Hong’s stake under that of her son, Samsung Electronics Chairman Lee Jae-yong, who holds 97.4 million shares, or 1.65%, thereby making Lee the chipmaker’s largest particular person shareholder.
Lee Boo-jin’s and Lee Search engine optimisation-hyun’s holdings within the nation’s Most worthy firm are anticipated to drop to 0.71% and 0.77%, respectively.
The belief association permits Shinhan Financial institution to steadily eliminate the shares by April 30, 2026, relying on market situations.
Individually, Lee Search engine optimisation-hyun additionally plans to promote 1.8 trillion received price of Samsung Life Insurance coverage Co. shares – about 1.15 million shares – at a 2% to 4% low cost to its Thursday’s closing worth.
The transfer is extensively seen as an effort to satisfy the ultimate installment of a 12 trillion received ($8.4 billion) inheritance tax invoice, following the demise of Chairman Lee Kun-hee in 2020.
The heirs have been paying the tax in six annual installments, beginning in 2021.
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