According to a term sheet that was seen by Reuters on Monday, about 5.25 million shares of Samsung Electronics (005930.KS), are being sold in a block sale that may be worth up to $330 million. This information was obtained from the company's website.
According to the Seoul Economic Daily, which quoted sources from investment banking who desired to remain anonymous, Lee Boo-jin, who is the sister of Jay Y. Lee, the Chairman of Samsung Electronics, is the one who is dealing with the sale of the shares.
The sale will take place at a price that falls somewhere between 83,700 won and 84,500 won per share, as indicated in the term sheet.
This implies a decline of between 0% and 0.95% from the closing price of 84,500 won for Samsung shares on Monday. The price will fall somewhere in the middle of this range.
Before the trade was set to begin on Monday, it was discovered that investors had previously placed orders that were sufficiently big to cover the trade. This information was disclosed before the initial trading session.
Lee Boo-jin, her mother, and her sister sold a roughly 0.5% share in Samsung Electronics for 2.17 trillion won ($1.6 billion) in January.
This was done in order to raise funds to pay the billions of dollars in inheritance tax that was paid after the death of Lee Kun-hee, the patriarch of Samsung, in the year 2020.
The reason for this was to raise money in order to pay the inheritance tax in installments, and this was done in order to do that. The transaction that took place in January was followed by the acquisition of the block, which took place after the deal.
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