Lee Boo-jin, Samsung Electronics 5.42 Million Shares Block Deal... Preparing for Inheritance Tax

Lee Boo-jin, President of Hotel Shilla, is selling 5,247,140 shares of Samsung Electronics through an off-hours block trade. This is interpreted as a move to secure funds for paying inheritance tax.

According to the investment banking (IB) industry on the 8th, President Lee has started demand forecasting for the sale of 5,247,140 shares of Samsung Electronics through Hana Bank.

The shares represent 0.09% of Samsung Electronics. After the sale, President Lee's stake in Samsung Electronics is expected to decrease from 0.89% to 0.8%. Citi Global Markets Securities is in charge of managing the block deal.

The planned selling price per share is between 83,700 and 84,500 KRW. This price reflects a maximum discount of 0.95% compared to the closing price on the day (84,500 KRW). The total sale amount reaches 443.4 billion KRW.

Earlier last month, President Lee signed a trust contract with Hana Bank to dispose of Samsung Electronics shares. The purpose of the share sale was publicly disclosed as "for loan repayment."

In January this year, President Lee also sold shares of Samsung Electronics and affiliates such as Samsung C&T, Samsung SDS, and Samsung Life Insurance through block deals, totaling 558.6 billion KRW.