WEBDESK (AZAAD ENGLISH): Samsung Electronics plans to cancel shares worth 3.05 trillion won ($2.11 billion) that they had acquired previously, according to a regulatory filing.
Samsung, in a separate regulatory filing, said that it would acquire 2.7 trillion won worth of it’s own common shares and 304 billion won of other shares between February 19 and May 16 this year to raise shareholder value.
In Novemeber last year, Samsung Electronics plans to buy back 10 trillion won worth of shares over a 1-year period were announced. This announcement came after their share price underperformed their rivals SK Hynix.
Samsung Electronics, on Tuesday, nominated their chip business chief Jun Young-hyun and Chief Technology Officer Song Jai-hyuk to join their board, as they look to boost competitiveness in their struggling chip business.
Among the nominees is Seoul National University’s Professor Lee Hyuk-jae as an outside director. Lee, a chip expert, is head of Seoul National University’s semi-conductor research centre.
Samsung Electronics has been struggling in recent times to restore its competitiveness in the chip business. They lost market leadership in high-bandwidth memory (HBM) chips used in Nvidia’s AI Graphic processing units (GPUs) to domestic rival SK Hynix.
The new board nominations would be voted on at a shareholders’ meeting on March 16th.
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