Lee's stake in Samsung Electronics rises from 1.47% to 1.58%

Samsung Electronics Chairman Lee Jae-yong arrives at the Gimpo Business Aviation Center in Seoul on Monday before departing for Seattle.
Samsung Electronics Chairman Lee Jae-yong arrives at the Gimpo Business Aviation Center in Seoul on Monday before departing for Seattle.

Samsung Electronics Chairman Lee Jae-yong has purchased 1.9 trillion won ($1.42 billion) worth of Samsung Electronics shares from his mother, Hong Ra-hee, honorary director of the Leeum Museum of Art.

Samsung Electronics disclosed on Wednesday that Lee bought a 0.11 percent stake in the company from Hong that day. Lee acquired 7,188,793 common shares through an off-market transaction at 269,500 won apiece.

The total value of the deal came to 1.94 trillion won, based on the closing price on the last business day before the disclosure was filed.

The purpose of the transaction was not disclosed. However, business circles speculate that Hong carried out the sale to repay loans she took out from financial institutions to fully pay her inheritance tax.

In addition, business circles believe the two chose a direct transaction between major shareholders to minimize any impact on the market.

Following the share purchase, Lee's stake in Samsung Electronics, including preferred shares, rose from 1.47 percent to 1.58 percent.


woo@heraldcorp.com