(Bloomberg) — Samsung Electronics Co. shares surged Monday after South Korea’s biggest company announced a surprise plan late Friday to buy back about 10 trillion won ($7.2 billion) of its own stock over the next year.
Most Read from Bloomberg
The stock rose as much as 6.7% in Seoul trading Monday, adding to Friday’s 7.2% rise ahead of the news. Samsung will buy back about 3 trillion won of shares starting Monday and up till February 2025, all of which it will cancel. The board will deliberate how best to deploy the remaining 7 trillion won.
Analysts expect the buyback to provide a short-term catalyst to the stock, which slumped more than 30% this year before Monday’s jump. Its local competitor SK Hynix Inc. has climbed more than 20% over the same period.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
