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24 Mar 2022
Term Sheet Reveals Block Deal Sale of Samsung Shares worth $1.1 Billion
The Index Today
On Thursday, a term sheet revealed that Samsung Electronics’ shares were sold for a whopping $1.1 billion as part of a block deal.
According to Reuters, the term sheet stated that Kookmin Bank sold 19.9 million Samsung shares at a price of 68,000 won per share which closed at 70,500 won per share on Wednesday. While Samsung is yet to make a comment, some analysts speculate that the sale is part of the controlling family’s attempts to drive up a larger sum of money to pay their substantial tax bill.
SK Securities’ analyst Choi Kwan-soon said, “The owner family is likely to sell additional shares to secure funds for inheritance tax." This follows the death of Samsung’s former Chairperson Lee Kun-hee which prompted the company’s family to sell shares in their associated firms in order to pay the $10 billion inheritance tax, as per reliable sources.