Samsung Elec shares priced for US$326mil block sale

Samsung Elec shares priced for US$326mil block sale

The shares were priced at ₩84,100 per share, or at a discount of 0.47%.

Samsung shares closed Monday at the price of ₩84,500. (AP pic)
SEOUL:
About 5.25 million shares in Samsung Electronics were priced in a block sale worth about ₩441 billion (US$326 million), according to two sources with knowledge of the matter on Tuesday.

The sources declined to be identified as they are not authorised to speak about the matter.

The shares were priced at ₩84,100 per share, or at a discount of 0.47% from Samsung shares’ Monday closing price of ₩84,500, the sources added.

Local media said the shares were sold by Lee Boo-jin, a sister of Samsung Electronics chairman Jay Y Lee, citing unnamed investment banking sources.

The block deal follows an earlier one in January, when Lee Boo-jin, her mother and sister sold a 0.5% stake in Samsung Electronics for ₩2.17 trillion (US$1.6 billion) to raise funds to pay in instalments the billions of dollars in inheritance tax after Samsung patriarch Lee Kun-hee died in 2020.

Samsung Electronics declined to comment.

Such block trades in South Korea have reached US$4.2 billion year-to-date on Monday, outpacing their volume in the same period during the past five years according to Dealogic data.

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