Samsung heirs to sell $1.8b of shares

SEOUL. Heirs of the late Samsung Group chairman plan to sell shares in group companies worth about $1.8 billion to help pay inheritance-tax bills that total more than 12 trillion won ($10 billion).

Hong Ra-hee, wife of the late Lee Kun-hee, signed a trust agreement with Kookmin Bank on Oct. 5 to dispose of 19.9 million shares, or a 0.33 per cent stake, in Samsung Electronics Co., according to a filing. The stake is worth about 1.4 trillion won, based on Friday’s closing price of 71,500 won.

Lee’s daughters — Lee Boo-jin and Lee Seo-hyun — both signed similar trusts with Kookmin Bank on Oct. 5 for each of them to sell 1.5 million shares, or two 1.95 per cent stakes, in Samsung SDS Co., according to a separate filing. Each stake is worth about 242 billion won. (Bloomberg)