Lee family initiates $330 million block sale of Samsung Electronics shares

Samsung share price: A block deal involving approximately 5.25 million shares of Samsung Electronics (005930.KS) is underway, with a potential value of up to $330 million, as revealed by a term sheet obtained by Reuters on Monday.

The shares are being offered by Lee Boo-jin, the sister of Samsung Electronics Chairman Jay Y. Lee, according to a report by the Seoul Economic Daily, citing sources from investment banking circles.

As per the term sheet, the sale price is set to range between 83,700 won to 84,500 won per share, representing a discount of 0 per cent to 0.95 per cent from the closing price of Samsung shares on Monday, which stood at 84,500 won.

It has been indicated that investors have already expressed significant interest in the block deal, with orders placed to cover the transaction even before its official launch on Monday.

This block deal comes after a similar transaction in January, during which Lee Boo-jin, along with her mother and sister, divested roughly 0.5 per cent of their stake in Samsung Electronics for 2.17 trillion won ($1.6 billion). The proceeds from the sale were intended to address the significant inheritance tax liabilities incurred following the passing of Samsung patriarch Lee Kun-hee in 2020.

(With Reuters inputs.)