Business News | Samsung Electronics Chairman Lee Jae-yong to Receive USD 1.8 Billion Stake from His Mother
Get latest articles and stories on Business at LatestLY. Samsung Electronics Chairman Lee Jae-yong will receive company shares worth approximately 2.6 trillion won (USD 1.8 billion) from his mother, Hong Ra-hee, according to a news report by The Korea Herald. The transfer will raise his direct stake in the company.
Seoul [South Korea], October 14 (ANI): Samsung Electronics Chairman Lee Jae-yong will receive company shares worth approximately 2.6 trillion won (USD 1.8 billion) from his mother, Hong Ra-hee, according to a news report by The Korea Herald. The transfer will raise his direct stake in the company.
The company disclosed the development through an official regulatory filing on Tuesday, noting that Hong, who serves as honorary director of the Leeum Museum of Art, will give Lee 11.16 million shares. The shares equate to a 0.17 per cent stake in the firm. Based on Tuesday's closing price of 232,000 won (~USD 173.16), the valuation of the shares stands at roughly 2.6 trillion won (USD 1.8 billion).
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Lee currently possesses 105.22 million shares of Samsung Electronics, which represents a 1.58 per cent holding in the company. After the completion of the transfer, his total holdings will rise to 116.38 million shares, representing a 1.75 per cent stake. Concurrently, Hong’s personal stake in the company will drop from 0.99 per cent to 0.82 per cent.
As per the news report, the equity transfer is set to take place on November 12. The associated gift tax will be determined using the average closing share price across the two months preceding and following the transfer date, with tax authorities finalizing the total sum early next year. Calculated solely from Tuesday’s closing price, the expected tax levy stands at approximately 1.55 trillion won (~USD 1.16 billion).
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This transfer filing arrived one day after Lee acquired 7.19 million Samsung Electronics shares from Hong in an off-market deal valued at nearly 1.92 trillion won (~USD 1.43 billion). The off-market block sale served primarily to assist Hong in securing required liquidity for tax obligations.
As per the news report, industry observers note that the equity shift will exert minimal influence on the broader market, as the shares remain within the founding family and represent small incremental changes in aggregate ownership. The addition will expand Lee’s direct equity and reinforce his administrative control over the conglomerate. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)