Samsung Elec family shares block sale seen at $1.66 billion -reports

[January 10, 2024]  By Joyce Lee
 
SEOUL (Reuters) - The mother and two sisters of Samsung Electronics Chairman Jay Y. Lee plan to sell shares in the tech giant in a block deal seen worth about 2.19 trillion won ($1.66 billion), South Korean newspapers reported on Wednesday.    

The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, July 4, 2017. REUTERS/Kim Hong-Ji/File Photo

The sale of about 29.8 million shares will be at a discount of 1.2% to 2.0% from Samsung shares' Wednesday closing price of 73,600 won, the Seoul Economic Daily reported, citing unnamed investment banking sources.

The shares represent a 0.5% stake in Samsung Electronics.

Goldman Sachs, Citibank, UBS and JP Morgan are involved in the deal, which is for the family members to raise funds to pay in instalments the billions of dollars in inheritance tax incurred after Samsung patriarch Lee Kun-hee died in 2020, the Korea Economic Daily reported, citing unnamed investment banking sources.

Shares in affiliates Samsung C&T, Samsung SDS and Samsung Life Insurance are also being offered at the same time in block deals seen worth around 644 billion won for the same purpose, the reports said.

Samsung declined to comment.

($1 = 1,317.4400 won)

(Reporting by Joyce Lee, Editing by Louise Heavens)

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