Investors Sell Samsung Shares Worth $1.1B In Block Deal: Reuters

• Investors sold Samsung Electronics Co Ltd (OTC:SSNLF) shares worth about $1.1 billion in a block deal on March 24, Reuters reports.
• Kookmin Bank sold 19.9 million shares at a discount of 2.4% to the March 23 closing price.
• The share sale matched the amount that Hong Ra-hee, mother of Samsung Vice Chair Jay Y. Lee and wife of deceased Samsung patriarch Lee Kun-hee, agreed to keep in trust with Kookmin Bank in October.
• The trust agreement period was due to end by April 25.
• Samsung's controlling family decided to use shares in affiliated companies to pay part of more than $10 billion in inheritance tax since patriarch Lee died in 2020.
• The tax code allowed payment in installments. Reuters notes that analysts see over $1.64 billion in tax liability due annually, even in installments.