Samsung Electronics shareholder Shinhan Bank launched a sale of about $2.1 billion worth of shares in the South Korean company, according to a term sheet seen by Reuters on Wednesday.
Shinhan Bank is offering 15 million Samsung Electronics shares at between 204,395 won and 208,605 won each, representing a discount of 0.9% to 2.9% to the stock’s Wednesday close of 210,500 won, the term sheet showed.
The shares amount to about 0.25% of Samsung Electronics’ shares outstanding, according to the term sheet, which provided no reason for the sale.
However, Hong Ra-hee, the mother of Samsung Electronics Chairman Jay Y. Lee, signed a securities disposal trust agreement with Shinhan Bank in January to dispose of 15 million Samsung Electronics shares, according to a regulatory filing.
The filing specified the sale’s purpose as “tax payment and loan repayment.”
The family of late Samsung patriarch Lee Kun-hee has been paying the inheritance tax in instalments over five years since 2021.
Samsung Electronics declined to comment. Shinhan Bank could not be reached outside of business hours.
Source: Reuters.com