Samsung Electronics decides on buyback

Samsung Electronics has decided to begin a buyback programme to bolster its flagging share price.

Samsung Electronics said Monday its board of directors has resolved to buy 3 million of its common shares and 400,000 preferred shares.

The company will start purchasing the shares three days after its public announcement Wednesday for three months. It will cost the company a total of W500 billion to buy the planned 2% of total outstanding shares. Its common stock is now W151,500 $143.3 per share and preferred stock W69,800 per share.

Samsung's move is part of a strategy to prevent further skidding by expanding demand for shares, Samsung sources said.

It's the first time a Samsung affiliate has decided to purchase local shares since March 1988. The company denied last month the...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222