5.25 million Samsung Electronics shares unloaded in $326 million block sale

Some 5.25 million shares of Samsung Electronics were sold in a block sale worth $326 million. The shares were priced at a slight discount from Monday's closing price.

Samsung Electronics office in southern Seoul [YONHAP]

Some 5.25 million shares of Samsung Electronics were priced in a block sale worth about 441 billion won ($326 million), two sources with knowledge of the matter said Tuesday.

The sources declined to be identified as they are not authorized to speak about the matter.

The shares were priced at 84,100 won, at a discount of 0.47% from Samsung's Monday closing price of 84,500 won, the sources added.

Media reports said the shares were sold by Lee Boo-jin, a sister of Samsung Electronics Executive Chairman Lee Jae-yong, citing

unnamed investment banking sources.

The block deal follows an earlier one in January, in which Lee Boo-jin, her mother and her sister sold a 0.5% stake in Samsung Electronics for 2.17 trillion won. The funds were used to pay, in installments, the billions of dollars owed in inheritance tax after Samsung patriarch Lee Kun-hee died in 2020.

Samsung Electronics declined to comment.

Such block trades in Korea reached $4.2 billion, year to date, on Monday, outpacing their volume during the same period of the past five years, according to Dealogic data.

Reuters