SEOUL, November 15 (AJP) - Samsung Electronics announced Friday it will buy back shares worth 10 trillion won (US$7.16 billion) to enhance shareholder value following a recent decline in its stock price.
The repurchase will be carried out in installments over a one-year period, the Korean company said in a regulatory filing after a board meeting.
The surprise announcement came a day after Samsung's shares fell below 50,000 won for the first time in four and a half years, amid concerns about its underperforming artificial intelligence chip business and uncertainties surrounding U.S. policies under a forthcoming second Trump administration.
The tech giant's shares rebounded 7.2 percent to close at 53,500 won on Friday, marking the biggest daily jump since March 2020.
This buyback plan is Samsung's first since 2017, when the company repurchased shares worth 9.3 trillion won.
The company said that it will repurchase and cancel shares worth 3 trillion won within three months, including 50.14 million common shares and 6.91 million preferred shares, beginning Nov. 18.
The board will later determine the timing and utilization of the remaining 7 trillion won based on shareholder value considerations, Samsung added.
reporter
Park Sae-jin
swatchsjp@ajunews.com
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