Hong Ra-hee to sell 15mn Samsung Electronics shares

Hong Ra-hee, widow of the late Samsung Group Chairman Lee Kun-hee and honorary director of the Leeum Museum of Art, will sell 15 million shares of Samsung Electronics Co. to secure funds for an upcoming inheritance tax payment.

According to regulatory filings released Sunday, Hong signed a trust agreement with Shinhan Bank on January 9 to dispose of the shares.

The stake was valued at about 2.09 trillion won ($1.41 billion) based on the closing price on the contract date of 139,000 won per share.

The transaction is widely viewed as a step to secure funds ahead of the final installment of inheritance tax payments due in April. Under the agreement, Shinhan Bank is required to sell the shares by June 30.

With Samsung Electronics shares continuing to rise, the actual proceeds are expected to exceed the value at the time of the contract. The stock has gained nearly 10,000 won in the week since the agreement was signed. Based on the latest closing price of 148,900 won, the estimated disposal value would reach about 2.23 trillion won.

The Samsung founding family faces a total inheritance tax bill of about 12 trillion won. Since April 2021, the heirs have been using an installment payment system that allows the tax to be paid over 5 years. To raise the necessary funds, family members, including Hong, have relied on a mix of share sales and loans secured against their stock holdings.