Samsung Electronics (SSNLF, Financials) will cancel 3.05 trillion won ($2.11 billion) worth of its own previously acquired stock, according to a regulatory filing.
Between Feb. 19 and May 16, the South Korean technology business also intends to buy 2.7 trillion won worth of common stock and 304 billion worth of other shares. After its price trailed behind rival SK hynix, the buyback follows a promise made in November 2024 to repurchase 10 trillion won worth of shares over the following year. The November proposal was Samsung's first stock buyback since 2017.
Apart from the financial steps, Samsung assigned two top executives from its semiconductor segment to serve on its board. Proposed board members include Jun Young-hyun, head of its chip division, and Song Jai-hyuk, Chief Technology Officer of the corporation. The corporation also proposed Lee Hyuk-jae as an outside board director, head of the semiconductor research center at Seoul National University.
The nominees demonstrate Samsung's deliberate focus on enhancing its semiconductor supremacy. The suggestions will be put to shareholders at the annual general meeting of the firm set for March 19.
