Samsung Electronics Chairman Lee Jae-yong will receive company shares worth about 2.6 trillion won ($1.8 billion) from his mother, Hong Ra-hee, increasing his direct stake in the technology giant.
Samsung Electronics said in a regulatory filing Tuesday that Hong, honorary director of the Leeum Museum of Art, will give Lee 11.16 million shares, equivalent to a 0.17 percent stake.
Based on Tuesday’s closing price of 232,000 won, the shares are valued at about 2.6 trillion won.
Lee currently owns 105.22 million Samsung Electronics shares, representing a 1.58 percent stake. Following the transfer, his holdings will rise to 116.38 million shares, or 1.75 percent. Hong’s stake will fall from 0.99 percent to 0.82 percent.
The transfer is scheduled for Nov. 12. The gift tax will be calculated based on the average closing price during the two months before and after the transfer date, with the final amount expected to be determined early next year. Based solely on Tuesday’s closing price, the tax is estimated at 1.55 trillion won.
The disclosure came a day after Lee purchased 7.19 million Samsung Electronics shares from Hong in an off-market transaction worth about 1.92 trillion won. The sale was widely seen as intended to help Hong secure funds for tax payments.
Industry officials expect the transactions to have limited market impact because they are transfers within the controlling family and involve relatively small changes in ownership. The shares, however, will increase Lee’s direct holdings in Samsung Electronics and further strengthen his control over the group.
herim@heraldcorp.com
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