Samsung Family Sells Big Chunk of Shares – Here’s Why!
Big news from the Samsung crew – they’ve just cashed in a whopping $2 billion by selling a bunch of shares in Samsung Electronics and other family businesses. What’s the scoop? Well, turns out they’re trying to tackle some heavy-duty inheritance taxes.
So, who’s in on this money move? It’s the family trio – mom Hong Ra-hee, Boo-jin (who runs Hotel Shilla), and Seo-hyun (heading up the Samsung Welfare Foundation). Together, they let go of about 29.8 million shares valued at a jaw-dropping 2.17 trillion won. The deal went down at 72,717 won per share, giving each family member a different slice of the ownership pie – 1.45%, 0.78%, and 0.7%, respectively.
But that’s not all – it’s not just Samsung Electronics in the mix. Affiliates like Samsung C&T Corp., Samsung SDS Co., and Samsung Life Insurance Co. are also part of the sale, totaling around 644 billion won. And guess what? They’re using all this moolah to tackle a massive 12 trillion won inheritance tax bill left behind by the late Samsung Group Chairman Lee Kun-hee, who passed away in October 2020.
To make this money move happen, they’ve got some big financial buddies in their corner – think Goldman Sachs, Citibank, UBS, and JP Morgan. These guys are helping the family manage the billions of dollars in inheritance taxes over a cool five-year plan that kicked off in April 2021.
Now, let’s get into the nitty-gritty – the shares were sold at a bit of a discount (1.2% to 2.0%) from the closing price of Samsung shares the day before the sale. Insider info from the Seoul Economic Daily spilled the beans on that, courtesy of some unnamed investment banking sources.
This financial strategy isn’t just about the dollars – it’s a smart move showing how major families like Samsung handle tricky situations, especially when it comes to dealing with family legacies and passing on the business empire. The family’s careful approach to selling off shares while juggling their different businesses gives us a real-life lesson in the ups and downs of big corporations.
So, as the Samsung family works through this financial puzzle, it’s a real-world example of how even the big dogs need a solid plan to handle the twists and turns of the business world.
