Samsung Electronics announced on Tuesday its plan to cancel treasury shares valued at 14.5 trillion won (approximately $9.5 billion) as part of a share buyback initiative designed to enhance shareholder value.
The company stated in a regulatory filing that approximately 73.3 million common shares and 13.6 million preferred shares will be canceled on Thursday.
The move follows decisions made by the board of directors in February and July of last year to repurchase its own shares.
The company added that canceling the shares will reduce the number of outstanding shares but will not impact the company's capital.
Samsung Electronics had previously announced plans to cancel 87 million out of its 105.4 million treasury shares in the first half of this year.
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