Samsung Electronics shares offered in $330m block sale

Samsung Electronics shares offered in $330m block sale

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji

About 5.25 million shares in Samsung Electronics are being offered in a block deal worth up to $330 million, according to a term sheet seen by Reuters on Monday.

The shares are offered by Lee Boo-jin, a sister of Samsung Electronics Chairman Jay Y. Lee, the Seoul Economic Daily reported, citing unnamed investment banking sources.

The sale will be between between 83,700 won to 84,500 won per share, or at a discount of 0% to 0.95% from Samsung shares‘ Monday closing price of 84,500 won, the term sheet said.

It showed investors had already placed orders large enough to cover the trade ahead of its launch on Monday.

The block deal follows an earlier one in January, when Lee Boo-jin, her mother and sister sold a roughly 0.5% stake in Samsung Electronics for 2.17 trillion won ($1.6 billion) to raise funds to pay in instalments the billions of dollars in inheritance tax incurred after Samsung patriarch Lee Kun-hee died in 2020.

Samsung, contacted by Reuters, had no immediate comment.


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