Samsung Electronics chairman to buy $1.42 billion worth of shares from mother
Samsung Electronics Chairman Lee Jae-yong will purchase 1.9 trillion won ($1.42 billion) worth of the company's shares from his mother, the tech giant said Wednesday. Lee plans to buy 7,188,793 shares from Hong Ra-hee, representing 0.11 percent of the company's total shares, at 269,500 won per share in an off-exchange transaction on Oct. 12, according to the company in a regulatory filing. With…
Samsung Electronics Chairman Lee Jae-yong is set to acquire $1.42 billion worth of the company's shares from his mother, Hong Ra-hee, according to a regulatory filing by the tech giant. The purchase involves 7,188,793 shares, valued at 269,500 won per share, in an off-exchange transaction scheduled for October 12. This move will increase Lee's total stake in the company to 1.58 percent.
It is speculated that Hong may utilize the proceeds from the sale to settle debts incurred for paying inheritance taxes following the passing of her husband, former Samsung Chairman Lee Kun-hee, in 2020. Separately, Korea and France have signed a memorandum of understanding (MOU) to enhance cooperation in the fields of artificial intelligence (AI), semiconductors, and quantum technologies.
The signing ceremony took place on the sidelines of President Lee Jae-myung's state visit to France, as reported by the country's science ministry. The MOU will facilitate regular meetings between the two nations to advance their collaborative efforts in these cutting-edge areas.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
