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Samsung Electronics to cancel $2.11 billion worth of own shares

Samsung Electronics will repurchase shares worth 3 trillion won from February to May, as part of its 10 trillion won buyback program announced last November.
The company plans to cancel its repurchased shares, which could raise combined stakes for insurers above legal limits, prompting share sales.
Jun Young-hyun was nominated as a new board member, while Lee Jae-yong did not receive a nomination.
Samsung's stock price increased only 4.67% despite the buyback, raising doubts about its effectiveness in lifting prices according to sources associated with the company.

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The Siasat Daily

Samsung decides to cancel over USD 2 billion worth of treasury stocks

Seoul: Samsung Electronics said on Tuesday it has decided to cancel 3 trillion won ($2.01 billion) worth of treasury stocks as part of its buyback plan to enhance shareholder value. Around 50.1 million common stocks and 6.9 million preferred shares will be retired, according to the company in a regulatory filing. Samsung Electronics said the cancellation follows the decision made at a board meeting in November to repurchase its own shares worth …

5 days ago

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U.S. News

Samsung Electronics to Cancel $2.11 Billion Worth of Own Shares

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5 days ago·New York, United States

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Reuters

+5 Reposted by 5 other sources

Samsung Electronics to cancel $2.11 billion worth of own shares

Samsung Electronics has decided to cancel 3.05 trillion won ($2.11 billion) worth of its own shares that it had acquired previously, the company said in a regulatory filing.

5 days ago·United Kingdom

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The Korea Times

Samsung Electronics decides to cancel $2 bil. worth of treasury stocks

Samsung Electronics said Tuesday it has decided to cancel 3 trillion won ($2.01 billion) worth of treasury stocks as part of its buyback plan to enhance shareholder value.

5 days ago·Korea, Republic of

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agenzianova.com

Samsung to Write Off Over $2 Billion in Share Repurchases

Samsung Electronics announced today that it will cancel 3.05 trillion won ($2.11 billion) of its previously repurchased shares as part of its plan to enhance shareholder value. The Korean electronics giant’s board of directors met today and approved the retirement of 50.1 million common shares and 6.91 million preferred shares. The cancellation will take place on Thursday. In addition, Samsung has decided to buy back an additional 3 trillion won…

5 days ago

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IBTimes India

Samsung decides to cancel over $2 billion worth of treasury stocks

Samsung Electronics said on Tuesday it has decided to cancel 3 trillion won ($2.01 billion) worth of treasury stocks as part of its buyback plan to enhance shareholder value.

5 days ago·India

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