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.

Samsung also said in a separate regulatory filing it would acquire 2.7 trillion won worth of its own common shares, and 304 billion won worth of other shares, between Feb 19 and May 16 this year to raise shareholder value and benefit its employees.

The company said in November last year it planned to buy back shares worth 10 trillion won over a one-year period after its share price underperformed rivals such as SK Hynix, marking the first time the tech giant had decided to buy back shares since 2017.