Samsung Electronics Executive Chairman Jay Y. Lee is set to receive shares worth approximately 2.6 trillion won, or $1.8 billion, from his mother, Hong Ra-hee.
Hong will transfer 11.16 million shares to her son, according to a regulatory filing. The transfer is scheduled for November 12. Lee's stake in Samsung Electronics will rise from 1.58% to 1.75%.
Lee previously bought Samsung shares from his mother in an off-market transaction to help her cover tax obligations. The latest transfer is expected to leave Lee with a gift tax bill estimated at more than $1 billion. It will consolidate his holding in the company.