Samsung family shares worth $1.66 billion set for block sale, reports say

Samsung Electronics Chairman Jay Y. Lee’s mother and two sisters are reportedly set to sell approximately 29.8 million shares in a block deal, estimated at about 2.19 trillion won ($1.66 billion), according to South Korean newspapers on Wednesday.

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Sources from investment banking, as cited by the Seoul Economic Daily, indicate that the shares will be sold at a discount ranging from 1.2% to 2.0% off the Wednesday closing price of Samsung shares at 73,600 won.

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This block sale represents a 0.5% stake in Samsung Electronics.

The Samsung Electronics logo at its Seoul office, July 4, 2017.
The Samsung Electronics logo at its Seoul office, July 4, 2017.

Goldman Sachs, Citibank, UBS, and JP Morgan are reportedly collaborating on a deal aimed at assisting family members in raising funds to settle the substantial inheritance tax resulting from the passing of Samsung patriarch Lee Kun-hee in 2020. The Korea Economic Daily, citing undisclosed investment banking sources, disclosed that the transaction involves shares from Samsung C&T, Samsung SDS, and Samsung Life Insurance. These block deals are estimated to be around 644 billion won, serving the same purpose of tax payment. Samsung has refrained from providing comments on the matter.

(Conversion rate: $1 = 1,317.4400 won)

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  • AYAN ZEESHAN

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