Samsung Electronics stock falls on family’s plan to sell $1.6 bn in shares

[Photo by Yonhap]

Shares of Samsung Electronics Co. fell Thursday after reports that the family members of Samsung Group plan to sell 2.19 trillion won ($1.6 billion) worth of their shares in the tech giant in a move to raise funds to pay inheritance taxes.

Shares of Samsung Electronics were trading 0.41 percent lower at 73,300 won as of 10:03 a.m. on Thursday. Other affiliates, including Samsung C&T Corp. and Samsung SDS Co., also lost ground.

Hong Ra-hee, former director of the Samsung Museum of Art Leeum and mother of Samsung Electronics Co. Chairman Jay Y. Lee, and her two daughters, Lee Boo-jin, president and chief executive of Hotel Co. and Lee Seo-hyun, chairman of the Samsung Welfare Foundation, are seeking to sell a total of 2.19 trillion won worth of Samsung Electronics shares in a block deal, according to sources familiar with the matter.

The shares will be offered at a 1.2~2 percent discount from Wednesday’s closing price of 73,600 won.

Hotel Shilla CEO Lee is seeking similar selloffs for her shares in Samsung C&T, Samsung SDS, and Samsung Life Insurance Co.