Samsung Electronics family to sell $1.2 billion stake amid share rally

The mother and two sisters of Samsung Electronics Chairman Jay Y. Lee plan to sell some 1.73 trillion won ($1.22 billion) worth of shares in the South Korean tech firm, the company said in a regulatory filing.

The purpose of the sale of 17.7 million shares, or a 0.3% stake in Samsung Electronics, is to cover tax payments and loan repayment, according to the late Friday filing with the Korea Exchange.

Experts view the sale by Lee’s sisters Lee Boo-jin and Lee Seo-hyun and his mother, Hong Ra-hee, as part of the owner family’s efforts to secure funds to…