Samsung family member said to sell up to US$2.1 bil in shares

Dave Sebastian / Bloomberg04-09

Hong Ra-hee, the wife of the late Samsung chairman Lee Kun-hee, sold her shares for inheritance-tax purposes, sources said.(April 9): A Samsung Group family member has sold about KRW3.1 trillion (US$...

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A Samsung Electronics representative declined to comment.\nTerms of the deal seen by Bloomberg News on Thursday showed a seller pricing 15 million shares at KRW205,237 each, representing a discount of 2.5% to Samsung’s closing price of KRW210,500 on Wednesday. Bankers had marketed the shares at KRW204,395 to KRW208,605 each. The stock slid as much as 3.8% on Thursday. \nThe seller is also conducting a sale of 206,633 preferred shares, amounting to roughly US$19 million, according to the terms. \n$Bank of America Corp(BAC-N)$, Citigroup Inc, JPMorgan Chase & Co, Shinhan Securities Co and UBS Group AG are joint bookrunners, the terms showed.\nSouth Korea has steep inheritance taxes on controlling shareholders of firms like Samsung Electronics, delivering a financial hit to many of the nation’s richest families. Samsung’s Lee died in 2020 at 78, leaving family members with one of the largest-ever inheritance bills in the country.\nUploaded by Tham Yek Lee","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"shareholding","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2626134528","isCrawlerRequest":true}