By Gina Lee

Investing.com – Koomin Bank sold Samsung Electronics (OTC:) Co. Ltd. (KS:) shares that were earlier in the day, according to a term sheet that was seen by Reuters.

According to the term sheet, 19.9 million shares were priced at KRW68.800 won each share. Bookrunners were Kookmin (NYSE:), Goldman Sachs (NYSE.) and JPMorgan.

Samsung Electronics South Korean shares rose 0.85% ($57.44), to KRW69,000. This was at 1:17 AM ET (5.17 GMT). It had fallen 1% in early Asian trading to KRW 69,000. The company’s shares recorded a 0.9% fall in the wider market.

Samsung Electronics declined to comment, however analysts stated that it was widely anticipated.

A Samsung Electronics filing revealed that the shares match the amount Ra-hee Hong (mother of Samsung Electronics Vice Chairman Jay Y. Lee) agreed to trust with Kookmin Bank for October 2021. Also, it was noted that the trust agreement would expire on April. 25, 2022.

Hong was also married to Kun-hee Lee, a deceased patriarch of Samsung. Since the elder Lee’s death in 2020, the family that owns Samsung has used its shares in affiliated companies to pay part of more than $10 billion in inheritance tax, people with direct knowledge of the matter previously told Reuters.

South Korea’s tax code allows payment of inheritance tax in installments, with an initial one-sixth of the total to be paid first. Rest must be paid in installments over five year with an annual rate of interest. Analysts estimate that annual installments of KRW 2 trillion or $1.64 Billion will be required.