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Samsung Electronics has decided to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, after shares plunged to more than four-year lows earlier in the week. It is the first time Samsung Electronics has decided to buy back shares since 2017.
Of the total, three trillion won worth of shares, or 50.14 million common shares and 6.91 million preferred shares, will be repurchased in the next three months and cancelled, Samsung said after the market closed on Friday.
The board of directors will decide on ways to enhance shareholder value, including when and how to use the remaining seven trillion in the repurchase programme, it said in a statement. In the short term, the decision would likely help Samsung's share performance, but the company needs concrete business plans to better support its share performance, analysts said. Marketing Digital Marketing Masterclass by Pam Moore By - Pam Moore, Digital Transformation and Social Media Expert View Program Office Productivity Excel Essentials to Expert: Your Complete Guide View Program Web Development JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program Finance Financial Literacy i.
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Samsung was the worst performing stock among major global chipmakers, also hurt by President-elect Donald Trump's threat to levy tariffs on imports that would hit demand for electronics products. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories "It is a reflection that Samsung feels a sense of crisis due to the sharp stock drops," said Park Ju-gun, head of corporate analysis firm Leaders Index. Park said the share buyback may intend to bolster depressed stock prices for Samsung shareholders including Chairman Jay Y.
Lee's family members, who have put up some of their Samsung stocks as collateral to help pay inheritance taxes, as recent plunges threaten to trigger a margin call - a request for more collateral from banks for Lee's mother and his two sisters. Shares of Samsung Electronics rose 7.2% on Friday, their biggest daily jump since March 2020 and rebounding from their lowest level since mid-June 2020.
They were still down 32% year-to-date. ($1 = 1,395.3100 won).
