Samsung chairman Lee Jae-yong will buy $1.4bn of shares from his mother in October
Samsung Electronics chairman Lee Jae-yong will buy just over 7.1 million shares from his mother, Hong Ra-hee, in an off-market transaction worth 1.94tn won, or about $1.4bn.
The deal is scheduled for 12 October and was reported by Reuters after a filing with South Korea’s Financial Supervisory Service on Wednesday.
The mechanics are small, and the meaning is not. The 7,188,793 common shares represent 0.11% of the company.
Lee’s holding rises from 1.47% to 1.58% across common and preferred stock, and Hong’s common shareholding falls from about 1.25% to 1.13%.
The price is 269,500 won a share, and the sale is being done off-market rather than as a block trade, which analysts read as an effort to avoid moving the price.
The chairman of the company that makes much of the world’s memory will, after this transaction, personally own about one and a half per cent of it. Control at...
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