Lee Boo-jin, CEO of Shilla Hotel, plans to sell her stake in Samsung Electronics through block deals to cover inheritance tax liabilities after the death of former Chairman Lee Kun-hee.
Block deals are a type of stock trade that involves buying or selling a large number of shares between two parties outside the open market. This type of trade is particularly beneficial for large investors who intend to execute significant transactions without causing any substantial price fluctuations in the market.
According to investment banking sources on Apr. 8, Lee has started the process of demand forecasting through Hana Bank to sell 5,247,140 shares of Samsung Electronics. The planned selling price per share is expected to be between 83,700 won ($61.81) and 84,500 won ($62.40), with a total sales volume forecasted to reach $329.8 million.
Previously, Lee Boo-jin made a trust agreement with Hana Bank last month to dispose of Samsung Electronics shares, with the purpose of using the proceeds to repay loans.