The heirs of late Samsung Group Chairman Lee Kun-hee offloaded about 1.8 trillion won ($1.3 billion) worth of Samsung Electronics Co. shares through a block deal on Thursday to cover inheritance taxes and loan payments, according to investment banking sources.
Hong Ra-hee, the wife of the late chairman and her daughters — Lee Boo-jin, president of Hotel Shilla Co., and Lee Seo-hyun, president of Samsung C&T Corp. — sold part of their 17.7 million shares in Samsung Electronics after market close on Thursday.
The shares up for sale in a block deal was valued at about 1.84 trillion won on Thursday.
The three heirs offered to sell the shares between 102,200 won and 104,100 won, or up to a 1.8% discount to Thursday’s closing price. The specific discount rate applied to the block deal has not yet been disclosed.
They had signed a trust agreement with Shinhan Bank to dispose of their holdings for the purpose of tax payment and debt repayment.
Hong placed 10 million shares in Samsung Electronics in trust, Lee Boo-jin 6 million, and Lee Seo-hyun 1.72 million.
Following the sale, Hong’s stake in the world’s largest memory chipmaker will likely fall from 1.66% to 1.49%.
The reduction will bring Hong’s stake below that of her son, Samsung Electronics Chairman Lee Jae-yong, who holds 97.4 million shares, or 1.65%, thereby making Lee the chipmaker’s largest individual shareholder.
Lee Boo-jin’s and Lee Seo-hyun’s holdings in the country’s most valuable company are expected to drop to 0.71% and 0.77%, respectively.
The trust arrangement allows Shinhan Bank to gradually dispose of the shares by April 30, 2026, depending on market conditions.
Separately, Lee Seo-hyun also plans to sell 1.8 trillion won worth of Samsung Life Insurance Co. shares — about 1.15 million shares — at a 2% to 4% discount to its Thursday’s closing price.
The move is widely seen as an effort to meet the final installment of a 12 trillion won ($8.4 billion) inheritance tax bill, following the death of Chairman Lee Kun-hee in 2020.
The heirs have been paying the tax in six annual installments since 2021.
