Samsung Electronics is set to retire 14.5 trillion won ($9.5 billion) worth of its treasury stocks, the company announced Tuesday, as part of an ongoing share buyback initiative designed to boost shareholder value.
According to a regulatory filing, approximately 73.3 million common stocks and 13.6 million preferred shares will be cancelled on Thursday.
This action follows previous board approvals in February and July of the previous year to repurchase company shares, Samsung stated.
The stock cancellation will decrease the total number of outstanding shares without impacting the company’s capital stock, they clarified.
Samsung Electronics had earlier revealed its intention to cancel 87 million shares out of its total 105.4 million treasury shares during the first six months of the year.
