SEOUL, October 13 (AJP) - Samsung Electronics Chairman Lee Jae-yong is set to receive 2.6 trillion won ($1.86 billion) worth of shares in the South Korean tech giant from his mother, Hong Ra-hee, further increasing his direct stake in the company.
Hong, honorary director of the Leeum Museum of Art, agreed on Monday to transfer 11.16 million common shares, equivalent to about 0.17 percent of Samsung Electronics, to her son, according to a regulatory filing Tuesday.
The transfer is scheduled for Nov. 12. Once completed, Lee's stake in Samsung Electronics will rise to 1.75 percent from 1.58 percent, while Hong's holding will decline.
The planned gift follows an off-market transaction on Monday in which Lee purchased about 7.67 million Samsung Electronics shares from his mother for approximately 1.92 trillion won ($1.37 billion).
Together, the two transactions would transfer about 18.83 million shares from Hong to Lee, consolidating more of the family's Samsung Electronics holdings under the chairman's direct ownership.
The transactions will not change the Samsung founding family's combined stake in the company, as the shares are being transferred between family members.
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