Samsung Electronics has decided to cancel its own shares worth 3.05 trillion won (approximately 2.11 billion USD), according to a regulatory filing by the company, as reported by Reuters.

The company further stated that it will repurchase common shares worth 2.7 trillion won and other shares worth 304 billion won between February 19 and May 16. The move aims to enhance shareholder value and provide benefits to employees.

In November last year, Samsung had announced plans to repurchase shares worth 10 trillion won within a year. This marks the company’s first share repurchase since 2017, prompted by its stock price lagging behind competitors such as SK Hynix. Source: Reuters

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