Samsung to cancel $2.11 billion value of personal shares

The corporate disclosed this in a regulatory submitting [File]
| Photograph Credit score: AP

Samsung Electronics has determined to cancel 3.05 trillion gained ($2.11 billion) value of its personal shares that it had acquired beforehand, the corporate stated in a regulatory submitting.

Samsung additionally stated in a separate regulatory submitting it might purchase 2.7 trillion gained value of its personal widespread shares, and 304 billion gained value of different shares, between February 19 and Could 16 this yr to boost shareholder worth and profit its staff.

The corporate stated in November final yr it deliberate to purchase again shares value 10 trillion gained over a one-year interval after its share value underperformed rivals akin to SK Hynix, marking the primary time the tech large had determined to purchase again shares since 2017.