Seoul, Nov 15 (IANS) Samsung Electronics said on Friday it will buy back its own shares worth a combined 10 trillion won ($7.16 billion) over the next year as part of efforts to boost its shareholder value following a recent slide in its stock price.
In the buyback plan approved by the board of directors, a combined 3 trillion won of shares will be bought back within three months starting Monday and continuing until February 17, the company said in a statement.
For the remaining 7 trillion won, the company will decide on how and when to utilize them from the perspective of enhancing shareholder value at subsequent board meetings, reports Yonhap news agency.
Shares in Samsung have been on a sharp decline in recent months, hitting 49,900 won on Thursday, the lowest since June 2020. The drop comes amid disappointing earnings and a negative outlook for the global semiconductor industry under the incoming Donald Trump administration in the United States.
Samsung said it remains committed to delivering “sustainable shareholder value” and will work to enhance the “long-term value” of the company.
Previously, the Korean chip giant executed a share buyback program in 2017, repurchasing shares worth 9.3 trillion won and cancelling half of the treasury stocks to improve shareholder value.
Meanwhile, Samsung and its largest labour union reached a preliminary agreement on a 5.1 per cent pay increase, officials said, paving the way for ending stalled wage negotiations that have involved a weeks-long strike.
The tech giant and the National Samsung Electronics Union — which represents 31,000 workers, or about 24 percent of the company’s workforce — have held multiple rounds of talks since January over the wage increase rate, vacation systems and bonuses without avail.
The union demanded a 5.6 per cent basic pay raise for all members, a guaranteed day off on the union’s founding day and compensation for economic losses due to the strike, while the company offered a 5.1 percent increase in wages.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
