Hong Rahee, Lee Boojin, and Lee Seo-hyun to Sell 1.7 Trillion Won in Samsung Electronics Shares

Hong Rahee, Honorary Director of the Leeum Museum of Art, Lee Boojin, President of Hotel Shilla, and Lee Seo-hyun, President of Samsung C&T, the three daughters, will sell Samsung Electronics shares worth 1.7 trillion won to pay inheritance taxes and other obligations.

According to the Financial Supervisory Service's electronic disclosure system on October 17, Honorary Director Hong Rahee, President Lee Boojin, and President Lee Seo-hyun signed a trust agreement with Shinhan Bank the previous day to sell a total of 17,716,000 shares of Samsung Electronics.

Based on the closing price of 97,900 won per share on that day, the total value amounts to 1.7344 trillion won. The number of shares to be sold is 10 million by Honorary Director Hong Rahee, 6 million by President Lee Boojin, and 1,716,000 by President Lee Seo-hyun.

The sale period runs until the end of April next year. The stated reason for the sale is "for tax payments and loan repayment." Since the start of the inheritance process in 2020, the four members of the Samsung owner family, including Samsung Electronics Chairman Lee Jae-yong, have been paying a total of 12 trillion won in inheritance taxes in six installments over five years. The final, sixth payment is due in April next year.

Once the sale is completed, Honorary Director Hong Rahee's stake in Samsung Electronics will decrease from 1.66% (97,978,700 shares) to 1.44% (87,978,700 shares). President Lee Boojin will hold 41,745,681 shares (0.71%), and President Lee Seo-hyun will hold 45,574,190 shares (0.77%).