Samsung Elec shares priced for $326 million block sale, sources say

By Thomson Reuters Apr 8, 2024 | 7:50 PM

By Scott Murdoch and Joyce Lee

SEOUL (Reuters) -About 5.25 million shares in Samsung Electronics were priced in a block sale worth about 441 billion won ($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 won per share, or at a discount of 0.47% from Samsung shares’ Monday closing price of 84,500 won, 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 won ($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 $4.2 billion year-to-date on Monday, outpacing their volume in the same period during the past five years according to Dealogic data.

($1 = 1,353.8400 won)

(Reporting by Scott Murdoch and Joyce Lee; Editing by Tom Hogue and Christopher Cushing)