On Thursday, Samsung Electronics shares worth about $1.1 billion were sold in a block deal, according to a document, which some analysts attributed to the Samsung conglomerate’s controlling family raising cash to meet a hefty tax bill.
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Kookmin Bank sold about 19.9 million Samsung shares at 68,800 won per share, a discount of 2.4 per cent to Wednesday’s closing price of 70,500 won, a term sheet of the deal seen by Reuters showed.
Samsung Electronics did not have a comment on the sale.
But the shares on sale matched the amount that Hong Ra-hee, mother of Samsung Electronics Vice Chairman Jay Y. Lee and wife of deceased Samsung patriarch Lee Kun-hee, agreed to keep in trust with Kookmin Bank in October, according to a Samsung Electronics filing that month.
