Samsung chairman to receive Samsung Electronics shares worth $1.94 bil. from mother

Samsung Electronics Executive Chairman Lee Jae-yong will receive the company’s shares worth 2.6 trillion won ($1.94 billion) from his mother, former Leeum Museum of Art Director Hong Ra-hee. According to the company’s regulatory filing Tuesday, Hong will gift approximately 11.16 million shares of Samsung Electronics to Lee. The shares represent a 0.17 percent stake in the company and are worth approximately 2.6 trillion won based on Tuesday’s closing price. The gift agreement was signed Oct. 12, and the transfer is scheduled to be completed Nov. 12. Lee currently holds a 1.58 percent stake in the stake, and his holdings will increase to 1.75 percent when the transfer is completed. Hong's stake will decline from 0.99 percent to 0.82 percent. Samsung Life Insurance is Samsung Electronics' largest shareholder, with an 8.51 percent stake. Together with other Samsung affiliates, Hong, Lee, other family members and executives classified as related parties, the largest shareholder group holds 19.7 percent of the company's voting shares. The amount of gift tax is expected to be determined