The Korea Times
Samsung Electronics plans to cancel 14.5 trillion won ($9.5 billion) worth of its treasury stocks as part of a buyback program aimed at enhancing shareholder value, the company said Tuesday. Around 73.3 million common stocks and 13.6 million preferred shares will be retired Thursday, it said in a regulatory filing. The move follows board decisions made in February and July last year to repurchase its own shares, the company said. The cancellation will reduce the number of outstanding shares without affecting capital stock, it added. Samsung Electronics previously announced plans to cancel 87 million shares out of its 105.4 million treasury shares within the first half of the year. Shares of Samsung Electronics fell 3.8 percent to 169,600 won as of 9:05 a.m., underperforming the broader Korea Composite Stock Price Index (KOSPI), which dropped 2.6 percent. The stock cancellation plan was announced before the market opened.
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