Hong Ra-hee Disposes of 15 Million Shares of Samsung Electronics...the completion of a five-year inheritance tax payment

*This content was translated by AI.

Hong Ra-hee, honorary director of Samsung Museum of Art, disposed of 3 trillion won worth of Samsung Electronics shares in the form of block deal (massive after-hours trading) to pay inheritance tax. In particular, due to the rise in stock prices after the trust contract, it has secured more than 1 trillion won in additional funds even after paying the inheritance tax in full.

According to the financial investment industry on the 9th, honorary director Hong reportedly sold 15 million shares of Samsung Electronics' common stock (0.25 percent stake) in a block deal method.

The sale price was set at 205,237 won per share with a 2.5% discount rate applied from the previous day's closing price of 210,500 won, and the total sale amount is about 3.8 trillion won.

Due to the disposition, honorary director Hong's stake in Samsung Electronics fell to 1.24 percent from 1.49% previously. Initially, the planned sale amount based on the stock price was around KRW 2.8 trillion at the time of signing the trust contract, but the recent surge in Samsung Electronics' stock price has increased the secured cash by about KRW 1 trillion.

The business community believes that Hong will use the proceeds from the sale to pay the last installment of the inheritance tax that occurred after the death of the late former president Lee Kun-hee. After reporting about 12 trillion won in inheritance tax in 2021, the Samsung family has been paying in six installments over five years using the annual pension system.

When the last round of payment is completed this month, virtually all tax burden related to inheritance tax for the Samsung family is expected to be resolved.

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*This content was translated by AI.