Samsung Electronics announced in a regulatory filing that it will cancel 3.05 trillion won ($2.11 billion) worth of its own shares that were previously acquired. Additionally, the company disclosed plans in another filing to purchase 2.7 trillion won worth of its common shares and 304 billion won worth of other shares. This initiative, scheduled between Feb 19 and May 16, aims to enhance shareholder value and benefit employees.
The decision to buy back shares comes after Samsung revealed its intention in November to invest 10 trillion won over a year. This move follows a period where the company's share price lagged behind competitors like SK Hynix, marking the first share buyback by the tech giant since 2017.