Samsung Electronics chairman to buy $1.42 billion worth of shares from mother
President Lee Jae Myung, center, and Samsung Electronics Executive Chairman Lee Jae-yong shake hands after a Samsung Electronics–Mistral AI investment agreement ceremony at the Élysée Palace in Paris, Tuesday (local time). French President Emmanuel Macron is at right. Yonhap
Samsung Electronics Chairman Lee Jae-yong will purchase 1.9 trillion won ($1.42 billion) worth of the company's shares from his mother, the tech giant said Wednesday.
Lee plans to buy 7,188,793 shares from Hong Ra-hee, representing 0.11 percent of the company's total shares, at 269,500 won per share in an off-exchange transaction on Oct. 12, according to the company in a regulatory filing.
With the purchase, Lee's total stake in the company will rise to 1.58 percent.
Sources believe Hong could use the proceeds from the sale to repay loans taken out to pay inheritance taxes following the death of her husband, former Samsung Chairman Lee Kun-hee, in 2020.
Meanwhile, Korea and France have signed an initial pact to strengthen cooperation on artificial intelligence (AI), semiconductors and quantum technologies, the science ministry said Wednesday.
The signing of the memorandum of understanding (MOU) took place Tuesday (French time) on the sidelines of President Lee Jae Myung's state visit to France this week, according to the ministry.
Under the MOU, the two countries will hold regular meetings on AI and quantum technologies, push for joint research, and cooperate in attracting investment to enter each other's markets.
Science and ICT Minister Bae Kyung-hoon also held talks with French Minister of Higher Education, Research and Space Philippe Baptiste in Paris on Wednesday on ways to expand cooperation on AI and science technologies.
"Beyond cooperation between governments, (we) will do our best for progress in substantial joint research and development, and personnel exchanges felt by both countries' universities and innovative companies," Bae said.