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Investing.com -- Samsung Electronics (KS:005930) has announced the cancellation of 3.05 trillion won ($2.11 billion) of its own shares, according to a regulatory filing. The shares in question had been previously acquired by the company.
In a separate regulatory filing, Samsung disclosed plans to purchase 2.7 trillion won worth of its own common shares, along with 304 billion won worth of other shares. These acquisitions are set to take place between February 19 and May 16 of this year.
The company aims to raise shareholder value and provide benefits to its employees through these transactions.
In November of last year, Samsung revealed intentions to buy back shares worth 10 trillion won over the course of a year. This move came after the company's share price failed to keep pace with competitors like SK Hynix. This marked the first time since 2017 that the tech titan had decided to buy back shares.
In a separate development, Samsung Electronics has nominated Jun Young-hyun, the head of its chip business, and Chief Technology Officer Song Jai-hyuk to join its board. This move is part of the company's strategy to enhance competitiveness in its semiconductor business, which has been facing challenges.
Additionally, Samsung has nominated Professor Lee Hyuk-jae of Seoul National University as an outside director. Lee, a recognized expert in the field of semiconductors, currently leads the semiconductor research center at Seoul National University.
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