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BREAKING NEWS

Samsung Electronics says it will cancel $4.4 billion worth of shares

Samsung Electronics says it will cancel $4.4 billion worth of shares
A man walks past a newly opened Samsung store in Bengaluru, India, September 11, 2018. REUTERS/Abhishek N. Chinnappa -
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ABHISHEK CHINNAPPA(Reuters)
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SEOUL (Reuters) – Samsung Electronics Co Ltd <005930.KS> said on Friday it would cancel 4.9 trillion won ($4.4 billion) worth of its shares.

The stock cancellation included 450 million in common stock and 81 million in preferred stock, the company said in a filing to the stock exchange.

Samsung has said it plans to cancel its remaining treasury shares this year to enhance shareholder value.

($1 = 1,119.1800 won)

(Reporting by Ju-min Park; Editing by Stephen Coates)

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