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SKorea's Samsung Elec plans 2 trln won buyback beginning Jan 16


Published : Fri, 12 Jan 2007 02:53
By : Agencies
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SEOUL (XFN-ASIA) - Samsung Electronics Co said its board of directors has approved a proposal to buy back about two trln won worth of shares over the next three months beginning Jan 16.

Under the stock repurchase program, it will buy back 2.8 mln common shares and 0.4 mln preferred shares, with Samsung Securities and four other local brokerages acting as its agents, it added.

The company said that the scheme is intended to boost its share price.

The stock fell by 5.71 pct this year to six-month lows last Wednesday, outpacing the KOSPI's fall of 5.48 pct.

At 10:29 am, Samsung Electronics rose 17,000 won or 2.92 pct to 599,000 while the KOSPI index was up 20.19 points or 1.48 pct at 1,385.50.

(1 usd = 941.3 won)

eunkyung.seo@xinhuafinance.com

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