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Samsung Electronics to buy back $1.8 bn worth shares

Collected: 2016.04.29

Distributed: 2016.05.02

Source: Go Direct

South Korea’s tech giant Samsung Electronics Co. will buy back its shares worth about 2 trillion won ($1.8 billion) in the third installment of its 11.3 trillion won buyback plan announced in October last year.

The company said in a regulatory filing on Thursday that it will repurchase and cancel 1.30 million common shares and 320,000 preferred shares over a three-month span starting Friday this week.

The company completed the two phases of its share buyback program worth 7.4 trillion won, or 4.33 million common shares and 1.77 million preferred shares, this month, the company said. It expects to complete the 11.3 trillion won worth buyback and cancellation program by the early fourth quarter this year.

By Lee Seung-hoon

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