Samsung Electronics retire 11 pct of stocks since 2016
SEOUL-- Samsung Electronics Co. has retired more than 11 percent of its stocks circulating in the market since 2016, data showed Monday, in line with its steps to benefit shareholders.
According to the data compiled by the Financial Supervisory Service and the Korea Securities Depository, Samsung Electronics retired 10.9 million treasury shares this year.
The tech giant also retired 6.62 million units last year, with the combined total hitting 17.5 million since 2016.
The volume accounts for 11.3 percent of the 155 million shares of Samsung Electronics currently listed on the market.
Samsung Electronics also retired 1.83 million units of preferred shares this year, along with the retirement of 2.32 million units last year. The combined volume takes up 17.4 percent of the existing preferred shares in the market.
The company's move to retire shares aims to bolster the value of its stakes held by shareholders.
Market watchers said Samsung's efforts to retire shares led to a hike in the price of its shares on the main bourse.
Over the next three months, Samsung Electronics also plans to purchase 670,000 shares, along with 168,000 preferred shares.
"The earnings per share of Samsung Electronics will increase 20 percent in 2018 from a year earlier following the company's steps to benefit shareholders," said Lee Seung-woo, a researcher at Eugene Investment & Securities.
Source: Yonhap News Agency