Samsung boss Jay Y. Lee gets $1.94 billion in company shares as a gift

Samsung Electronics Executive Chairman Jay Y. Lee is already among the leading individual shareholders in Samsung Electronics, one of the largest conglomerates in the world.

His personal holdings in the company are set to increase following a gift of shares from his mother which are worth approximately $1.94 billion.

The company's latest regulatory filings in South Korea reveal Lee's mother Hong Ra-hee will gift approximately 11.16 million shares of Samsung Electronics to Lee.

These shares account for a 0.17% stake in the company and they're worth approximately 2.6 trillion won or $1.94 billion. The gift agreement was reportedly signed on October 12 with the transfer set to be completed by November 12.

Lee currently has a 1.58% stake in Samsung Electronics and after this gift of shares, his total personal stake in the company will increase to 1.75%, while his mothers stake will decline from 0.99% to 0.82%.

The Lee family holds control over the conglomerate through shareholdings in affiliated companies, including Samsung Life Insurance, which is the largest shareholder in Samsung Electronics with an 8.51% stake.

Lee's mother also gifted her entire stake in Samsung C&T to him back in December last year. Analysts view these share transfers as a way for Lee to further conslidate his control over the largest conglomerate in South Korea.