Samsung Elec Shares Worth $1.1 Billion Sold In Block Deal -term Sheet

Samsung Elec Shares Worth $1.1 Billion Sold In Block Deal -term Sheet

By Sumeet Chatterjee and Joyce Lee

SEOUL (Reuters) – Shares in Samsung Electronics Co Ltd worth about $1.1 billion are being sold by Kookmin Bank on Thursday, according to a term sheet seen by Reuters.

About 19.9 million shares are being sold at 68,800 won per share, the term sheet showed.

Samsung Electronics did not have a comment on the matter.

The number of shares being sold is the exact amount that Hong Ra-hee, mother of Samsung Electronics Vice Chairman Jay Y. Lee and wife of deceased Samsung patriarch Lee Kun-hee, agreed to keep in trust with Kookmin Bank in October, according to a Samsung Electronics filing.

The trust agreement period was due to end by April 25, the filing showed.

($1 = 1,218.6200 won)

(Reporting by Sumeet Chatterjee and Joyce Lee; Editing by Jacqueline Wong and Christopher Cushing)