The Samsung Electronics shares worth billion of US dollars would be cancelled.
Samsung Electronics shares worth 4.9 trillion won ($4.4 billion) will be cancelled as revealed by the company. The cancellation expected to be finalized by December 4.
The cancellation was the second stage of company’s previously announced plan to cancel the treasury shares in 2 stages. However, the first stage was canceled in May 2017.
In 2017, Samsung Electronics rejected pressure from the U.S. activist hedge fund. The yesterday’s cancellation included 450 million in the common stock and the 81 million in preferred stock.
Earlier, Samsung Electronics shares were flat, in line with the wider market. The stock has fallen 15% this year amid memory chip price weakness after the 2 year boom.
Samsung Electronics revealed in a statement that they will continue to build the sustainable growth base by increasing competitiveness and to improve the shareholder value through the active shareholder returns.