Samsung shares climb more than 7% after surprise $7 billion buyback plan

Samsung Electronics’ shares rose more than 7% on Monday after the company announced a surprise plan to buy back 10 trillion South Korean won ($7.19 billion) of its stock over the next year.

This follows a 7.21% surge on Friday after the company reached a preliminary agreement with its largest workers’ union, ending a July strike.

Samsung’s last buyback was in November 2017.

The company will repurchase 3 trillion won of shares in the next three months and cancel them, while the remainder will be used to enhance shareholder value, CNBC has reported.

read more: https://www.cnbc.com/2024/11/18/samsung-shares-climb-more-than-7percent-after-unveiling-surprise-7-billion-buyback.html

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