Samsung Electronics has announced the cancellation of 3.05 trillion won (approximately $2.11 billion) in shares that it had previously acquired, according to a regulatory filing. In a separate filing, the company revealed plans to repurchase 2.7 trillion won worth of its common shares and 304 billion won in other shares between February 19 and May 16 of this year. This initiative aims to enhance shareholder value and support its employees. Last November, Samsung disclosed its intention to buy back shares totaling 10 trillion won over the course of a year, following a period of underperformance compared to competitors like SK Hynix. This marks the first share buyback decision by the tech giant since 2017.
Samsung Electronics plans to buy back and cancel shares valued at $2.11 billion.
