Samsung Electronics announces 10 trillion won share buyback plan over the next year

Samsung Electronics (005930) announced on the 15th that it will buy back a total of 10 trillion won (approximately 1.1136 trillion yen) of its own shares in order to increase shareholder value.
Samsung Electronics held a board meeting on the same day and announced that it would buy back a total of 10 trillion won (approximately 1.11 trillion yen) of its own shares in installments over the next year.
Of this, 3 trillion won (US$3.31 billion) will be purchased within three months and the entire amount will be retired.
Samsung Electronics will purchase the shares through on-exchange purchasing from the 18th of this month through February 17th of next year.
The treasury stocks to be sold are 50,144,628 common shares and 6,912,036 preferred shares. The remaining 7 trillion won (US$7.7 billion) worth of treasury stock will be sold through individual directors' share buyback programs.
At the meeting, the two parties plan to hold a multifaceted discussion to decide on how and when to utilize the shares from the perspective of increasing shareholder value.