Samsung Elec family shares block sale at $1.66 billion

The mother and two sisters of Samsung Electronics Chairman Jay Y. Lee plan to sell shares in the tech giant in a block deal seen worth about 2.19 trillion won ($1.66 billion), South Korean newspapers reported on Wednesday.

The sale of about 29.8 million shares will be at a discount of 1.2% to 2.0% from Samsung shares’ Wednesday closing price of 73,600 won, the Seoul Economic Daily reported, citing unnamed investment banking sources.