Samsung Electronics chairman Lee Jae-yong to receive USD 1.8 billion stake from his mother

Seoul [South Korea], October 14 (ANI): Samsung Electronics Chairman Lee Jae-yong will receive company shares worth approximately 2.6 trillion won (USD 1.8 billion) from his mother, Hong Ra-hee, according to a news report by The Korea Herald. The transfer will raise his direct stake in the company.

The company disclosed the development through an official regulatory filing on Tuesday, noting that Hong, who serves as honorary director of the Leeum Museum of Art, will give Lee 11.16 million shares. The shares equate to a 0.17 per cent stake in the firm. Based on Tuesday’s closing price of 232,000 won (Rs USD 173.16), the valuation of the shares stands at roughly 2.6 trillion won (USD 1.8 billion).