South Korea's Samsung Electronics Co Ltd (005930.KS) on Wednesday announced a $2 billion share buyback plan, its first since 2007, following investor calls for higher returns against a backdrop of rapidly declining profits.
The world's largest smartphone maker will buy back 1.65 million common shares and 250,000 preferred shares to stabilise its share price and boost value for shareholders, it said in a regulatory filing, its second-largest buyback ever.
The buyback is the latest by a major Korean company following similar action earlier this month by Hyundai Motor Co (005380.KS) and affiliate Kia Motors Corp (000270.KS), whose buyback plans were likewise aimed at enhancing shareholder value.
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