Investors Sell Samsung Shares Worth $1.1B In Block Deal: Reuters

March 24, 2022 6:46 AM | 1 min read | Make a Comment

Investors sold Samsung Electronics Co Ltd SSNLF shares worth about $1.1 billion in a block deal on March 24, Reuters reports.
Kookmin Bank sold 19.9 million shares at a discount of 2.4% to the March 23 closing price.
The share sale matched the amount that Hong Ra-hee, mother of Samsung Vice Chair Jay Y. Lee and wife of deceased Samsung patriarch Lee Kun-hee, agreed to keep in trust with Kookmin Bank in October.
The trust agreement period was due to end by April 25.
Samsung's controlling family decided to use shares in affiliated companies to pay part of more than $10 billion in inheritance tax since patriarch Lee died in 2020.
The tax code allowed payment in installments. Reuters notes that analysts see over $1.64 billion in tax liability due annually, even in installments.

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