Samsung Electronics chairman to buy $1.42 billion worth of shares from mother

Samsung Electronics Chairman Lee Jae-yong will purchase 7,188,793 shares worth 1.9 trillion won ($1.42 billion) from his mother Hong Ra-hee in an off-exchange transaction on Oct. 12, raising his stake to 1.58 percent, the company said in a regulatory filing. Separately, South Korea and France signed a memorandum of understanding to strengthen cooperation on artificial intelligence, semiconductors, and quantum technologies during President Lee Jae Myung's state visit to France.

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