Samsung Chairman Lee to buy $1.42B in company shares from mother

Samsung Electronics Co. Chairman Lee Jae-yong will purchase 1.9 trillion won (US$1.42 billion) worth of the company's shares from his mother, Yonhap News Agency reported citing the tech giant.

Lee plans to buy 7,188,793 shares from Hong Ra-hee, representing 0.11 percent of the company's total shares, at 269,500 won per share in an off-exchange transaction on Oct. 12, according to the company in a regulatory filing.

With the purchase, Lee's total stake in the company will rise to 1.58 percent.

Sources believe Hong could use the proceeds from the sale to repay loans taken out to pay inheritance taxes following the death of her husband, former Samsung Chairman Lee Kun-hee, in 2020.

Stabil.Az