Hong Ra-hee completes block deal of 15 million Samsung Electronics shares, raising 3 trillion won [fn Market Watch]

\r\n
[Financial News] Hong Ra-hee, honorary director of Leeum, Samsung Museum of Art, has successfully completed her final block deal (after-hours bulk sale) to pay inheritance tax.
According to the investment banking industry on the 9th, Shinhan Bank, which signed a securities disposal trust agreement with Hong, sold 15 million shares of Samsung Electronics, equivalent to 0.25%, through a block deal before the regular session opened that day.
The shares were sold at 205,237 won per share, representing a discount of about 2.5% compared with the previous day’s closing price of 210,500 won. The total transaction value is estimated at around 3.1 trillion won.
Citigroup Global Markets Securities, JPMorgan Chase, Bank of America (BofA), UBS and Shinhan Securities acted as joint bookrunners for the block deal.
Earlier, in early January this year, Hong signed a securities disposal trust agreement with Shinhan Bank. At the time, she stated that the purpose of the contract was the "sale of shares to pay taxes and repay loans."
Following this sale, Hong’s holdings in Samsung Electronics will decrease to 72,978,700 shares, representing a 1.24% stake.
This latest sale is intended to secure the final installment of the roughly 12 trillion won inheritance tax that the Samsung family has been paying in installments over five years since the death of the late former chairman Lee Kun-hee. The Samsung family has been using a deferred payment plan, paying the tax in six installments over five years, with the final deadline set for the end of this month. Other members of the Samsung family, including Hotel Shilla president Lee Boo-jin, have also been selling shares or taking out loans to raise funds for the tax payments.
kakim@fnnews.com Kim Kyung-a Reporter