Samsung Electronics plans $7.2 billion buyback to boost shareholder value

SEOUL (Reuters) – Samsung Electronics (KS:005930) 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.

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)