Samsung shares surge nearly 7% following multibillion-dollar buyback announcement

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Samsung shares surge nearly 7% following multibillion-dollar buyback announcement

Published: 18 Nov. 2024, 11:06 Updated: 18 Nov. 2024, 11:07

LEE JAE-LIM
[email protected]

Samsung Electronics' Seocho headquarters in southern Seoul. [YONHAP]

Shares of Samsung Electronics soared on Monday, the first trading day since the chipmaker announced a multibillion-dollar share buyback on Friday.

Samsung shares spiked 6.92 percent to trade at 57,200 won ($41) as of 10:25 a.m.

After the market closed on Friday, the tech giant announced it would repurchase 10 trillion won in phases to boost its stock price. The buyback will be conducted through Feb. 17, 2025.

The company plans to buy back and cancel shares worth 3 trillion won over the next three months, including 50.14 million common shares and 6.91 million preferred shares.

The allocation of the remaining 7 trillion won for the share repurchase has yet to be determined.

BY LEE JAE-LIM [[email protected]]