Samsung Electronics Co. Ltd. SSNLF plans to cancel treasury shares worth 3.05 trillion won ($2.11 billion), marking a significant move to enhance shareholder value.
The tech giant also announced a new share repurchase program targeting 2.7 trillion won ($1.87 billion) in common shares and 304 billion won ($210.31 million) in preferred shares between Feb. 19 and May 16, Reuters reported.
This decision follows Samsung’s November announcement of a 10 trillion won ($6.92 billion) share buyback program, its first since 2017, initiated after the company’s stock underperformed competitors like SK Hynix Inc. In the recent buyback phase completed on Feb. 13, Samsung acquired approximately 50.14 million common shares at 54,526 won ($37.72) per share and 6.91 million preferred shares at 45,500 won ($31.48) each.
The company’s largest shareholder, Samsung Life Insurance, adjusted its position during this period, reducing its common shareholdings from 508.16 million to 503.90 million shares through market transactions.
Price Action: Samsung is trading at 57,100 won ($39.47), up 1.96%, as of 2:56 PM local time on the South Korea Exchange on Tuesday.
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