Founder Family to Sell KRW390bn of Samsung SDS Shares
The stock price of Samsung SDS dropped on March 22 after the news that the Samsung Group's founder family would sell 390 billion won of Samsung SDS shares in after-hours trading.
In the afternoon of the previous day, KB Securities and Morgan Stanley started demand forecasting in order to sell 3,018,860 Samsung SDS common shares, which are 3.9 percent of the total. Their selling price was the price 8.8 percent discounted from the previous closing price of 140,000 won.
According to industry sources, the disposal of the shares is for Hotel Shilla CEO Lee Boo-jin and Samsung Welfare Foundation chief Lee Seo-hyun to pay their inheritance taxes. In October last year, each of them signed a contract with KB Kookmin Bank to sell 1,509,430 Samsung SDS shares by April 25.
Hong Ra-hee, the wife of the late Samsung Group chairman Lee Kun-hee, also signed a contract with the same bank to sell 19,941,860 Samsung Electronics shares by April 25. This is for inheritance tax payment as well, and the stock price of the company is likely to fall soon.
The owner family members are supposed to pay 12 trillion won in inheritance taxes by 2025, and they are using stock-based loans while selling subsidiary shares.