Samsung Electronics plans $7.2 billion buyback to boost shareholder value

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2024.11.15 04:32

SEOUL (Reuters) – Samsung Electronics (KS:) plans to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, it said in a regulatory filing submitted after the market closed on Friday.

© Reuters. FILE PHOTO: A visitor uses a Samsung Electronics' flagship smartphone Galaxy S24 during its unveiling ceremony in Seoul, South Korea, January 15, 2024. REUTERS/Kim Hong-Ji/File Photo

Shares of Samsung Electronics rose 7.2% on Friday, posting the 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) (This story has been corrected to say that Friday’s performance was the highest since March 2020, not March 2024, in paragraph 2)

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