Breaking News: Major Tech Company to Cancel Billions in Shares
In a recent announcement, Samsung Electronics has revealed its decision to cancel a staggering 3.05 trillion won ($2.11 billion) worth of its own shares that it had previously acquired. This move, detailed in a regulatory filing, marks a significant development for the South Korean tech giant.
Additionally, Samsung disclosed in a separate regulatory filing its intention to purchase 2.7 trillion won worth of its own common shares, along with 304 billion won worth of other shares. This initiative, scheduled to take place between February 19 and May 16 of this year, is aimed at enhancing shareholder value and providing benefits to the company’s employees.
Notably, in November of last year, Samsung had outlined its plan to buy back shares amounting to 10 trillion won over a one-year period. This decision came after the company’s share price had lagged behind competitors such as SK Hynix, marking the first time since 2017 that Samsung had opted to engage in share buybacks.
Stay tuned for further updates on this evolving story. Reported by Joyce Lee; Edited by Ed Davies.
