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Samsung Electronics Co. Ltd. (OTC:SSNLF) Chairman Jay Y Lee's mother and sisters plan to sell $1.2 billion worth of shares to cover a massive inheritance tax bill.
According to a late Friday filing with the Korea Exchange, Lee's mother, Hong Ra-hee, and sisters Lee Boo-jin and Lee Seo-hyun will sell about 17.7 million shares—roughly 0.3% of Samsung Electronics' total stock—valued at 1.73 trillion won ($1.22 billion), Reuters reported.
The proceeds will go toward inheritance and loan repayments tied to the estate of late Samsung patriarch Lee Kun-hee, who passed away in 2020.
Analysts estimate the family's total inheritance tax liability at nearly 12 trillion won ($8 billion). The sale will be managed by Shinhan Bank under a trust agreement and is expected to conclude by April 2026, according to the filing.
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The share sale comes as Samsung Electronics’ stock has soared 83.33% this year, closing at 97,900 won on Friday, driven by surging global demand for AI and high-bandwidth memory chips.
The company has inked major supply deals with Tesla Inc. (NASDAQ:TSLA), OpenAI, and Nvidia Corp. (NASDAQ:NVDA), boosting investor confidence.
Samsung expects to post its largest quarterly profit in three years, projecting 12.1 trillion won ($8.5 billion) in operating income for the September quarter.
Benzinga's Edge Stock Rankings show that SSNLF maintains strong performance over short, medium, and long-term periods, with further insights available for investors.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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