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Samsung to retire 4.8 tln won worth of corporate shares

Industry 10:02 November 30, 2018

SEOUL, Nov. 30 (Yonhap) -- Samsung Electronics Co. said Friday it will retire 4.8 trillion won (US$4.29 billion) worth of corporate shares in line with efforts to benefit shareholders.

The South Korean tech giant decided to retire 449 million units of its common shares, along with 80 million units of preferred shares.

The amount represents 7 percent of all the common shares and 9 percent of the preferred shares.

The move is a follow-up to Samsung Electronics' decision made in April 2017, when the company vowed to retire 899 million common shares and 161 million preferred shares.

Samsung already retired around half of the amount in May last year.

The company said the process will be completed by Tuesday.

Samsung Electronics said the move will benefit shareholders by increasing the value of the respective shares that remain on the market.

The tech giant added it will continue to bolster its business competitiveness and actively roll out programs that will benefit shareholders.

Samsung to retire 4.8 tln won worth of corporate shares - 1

colin@yna.co.kr
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