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The parent and 2 sisters of Samsung Electronics Chairman Jay Y. Lee program to merchantability immoderate 1.73 trillion won ($1.22 billion) worthy of shares successful the South Korean tech firm, the institution said successful a regulatory filing.
The intent of the merchantability of 17.7 cardinal shares, oregon a 0.3% involvement successful Samsung Electronics, is to screen taxation payments and indebtedness repayment, according to the precocious Friday filing with the Korea Exchange.
Experts presumption the merchantability by Lee's sisters Lee Boo-jin and Lee Seo-hyun and his mother, Hong Ra-hee, arsenic portion of the proprietor family's efforts to unafraid funds to wage their inheritance taxation estimated astatine astir 12 trillion won, pursuing the 2020 decease of Samsung patriarch Lee Kun-hee.
The merchantability volition beryllium handled by Shinhan Bank nether a spot declaration and completed by adjacent April, according to the filing.
Samsung shares person jumped much than 48% since it announced a chip-supply woody with Tesla successful July. It has secured proviso deals with different large customers specified arsenic OpenAI, and expectations person risen that the institution volition beryllium capable to proviso its latest high-bandwidth representation products to Nvidia.
The banal is up much than 84% this year, gaining 0.2% connected Friday to 97,900 won.
"Samsung's 10 trillion won stock buyback program past twelvemonth was aimed astatine protecting the banal value, which would assistance the Samsung household to unafraid money for inheritance tax," said Park Ju-gun, caput of firm investigation steadfast Leaders Index.
With Samsung's stock terms present nearing 100,000 won, the planned merchantability apt aims to implicit inheritance taxation payments.
"One disappointing facet is that the proprietor household is selling shares astatine a clip similar this, which could dampen sentiment among retail investors," helium said.
"After all, Samsung Electronics is practically a 'national stock', owned by astir 5 cardinal retail shareholders who person been eagerly watching the shares attack the 100,000-won people aft the caller rally."
