Muristek
The late Samsung Group Chairman Lee Kun-hee and his family (Courtesy of Yonhap News) Samsung Group family is set to sell 390 billion won ($319.5 million) worth of shares in Samsung SDS Co., the group’s information technology service unit, through a block deal. Although the individual seller was not disclosed, market watchers say it's one of Samsung Vice Chairman Jay Y. Lee's two sisters – Hotel Shilla Co. Chief Executive Lee Boo-jin or Samsung Welfare Foundation Chair Lee Seo-hyun.In a bid to sell 3.9% of the common shares in Samsung SDS, the Samsung family held a book building after the Korean stock market closed on March 21, according to investment banking sources. Book runners Morgan Stanley & Co LLC and KB Securities Co. are looking for potential investors to acquire the stake. The two Samsung heiresses are the only Samsung SDS shareholders who own 3.9% stakes.Morgan Stanley and KB Securities have set the price band between 127,400 won and 129,500 won ($104.36 and $106.08), with a 7.5-9% discount from 140,000 won ($114.68), Samsung SDS shares' closing price on March 21. The divestment of the shares is understood to be necessary to pay for the Lees' inheritance tax. After Samsung Chairman Lee Kun-hee died in October 2020, Samsung Group in April 2021 announced a plan for the payment of the Samsung heirs' 12.5 trillion ($10.2 billion) inheritance tax, the highest amount imposed on a Korean company. In the announcement, the group said the Lee family will pay one-sixth of the inheritance tax, or 2 trillion won in April 2021 and then pay the remainder in five annual installments.The Lee family will sell about 2.2 trillion won worth of their shares in Samsung group affiliates by April 2022, according to Samsung Electronics Co. and its public filing to Korea's Financial Supervisory Service (FSS) last October.By Jae-fu Kimhu@hankyung.comJihyun Kim edited this article.
Most Read