Hanmi Semiconductor Chairman Donates Shares Worth 72.6 Billion KRW to Two Sons

Chairman Kwak Donates Shares to Sons
Believes Lower Stock Price Means Reduced Gift Tax

Dongshin Kwak, Chairman of Hanmi Semiconductor, will donate shares worth approximately 72.6 billion KRW to his two sons.

On April 22, Hanmi Semiconductor announced in a regulatory filing that Chairman Kwak will donate 966,142 shares, equivalent to 1% of his holdings, to his two sons. The planned date for the donation is May 22.

The disposal price is 75,100 KRW per share. Each son will receive shares worth 36,278,632,100 KRW, totaling 72,557,264,200 KRW for both sons.

This donation was reportedly planned in advance. However, it appears that the decision was made at this time because the current stock price is low, allowing for a reduction in gift taxes. The taxable value for the gift tax is calculated based on the average stock price over the two months before and after the scheduled donation date of May 22. Since the taxable value is set regardless of the number of shares, a lower average price results in lower gift taxes. The gift tax must be paid within three months (90 days) from the date the donation decision is made.

Once the donation is completed, Chairman Kwak's stake will decrease from 34.01% to 33.01% as a result of this transaction, while each of his two sons will see their respective stakes increase to 2.55%. According to Hanmi Semiconductor's business report, as of the end of last year, each of Chairman Kwak's two sons held a 2.05% stake.