Samsung Electronics is burning its recently purchased 3 trillion won worth of treasury shares.
Samsung Electronics announced on the 18th that it has decided to retire 50,144,628 common shares and 6,912,036 preferred shares. The value per share is 100 won, and the scheduled retirement amount is approximately 3.486 billion won. The retirement date is set for the 20th.
A representative from Samsung Electronics noted, "This stock retirement decision concerns the treasury shares acquired based on the board resolution made on Nov. 15 of last year," and added, "The retirement of treasury shares bought within the range of distributable income based on the board resolution will only reduce the number of shares, without decreasing the capital."
Earlier, Samsung Electronics stated that in order to enhance shareholder value, it decided to partition 10 trillion won worth of treasury shares over the course of a year, of which 3 trillion won worth of treasury shares would be purchased and fully retired within three months.