Samsung Elec. initiates $330m block sale of shares

Samsung Electronics offered about 5.25 million of its shares in a block deal valued at up to $330 million, as per a term sheet reviewed by Reuters on Monday.

The shares are being sold by Lee Boo-jin, the sister of Samsung Electronics Chairman Jay Y. Lee, according to unnamed investment banking sources.

The sale price is set between 83,700 won to 84,500 won per share, representing a discount of zero to 0.95 per cent from the Monday closing price of 84,500 won.

Investors have already placed orders to cover the trade before its launch on Monday.

This block deal follows a previous sale in January, where Lee Boo-jin, her mother, and sister sold a 0.5 per cent stake in Samsung Electronics to raise funds for inheritance tax payments following the death of Samsung patriarch Lee Kun-hee in 2020.