South Korean technology company Samsung will be initiating a stock buyback for the first time since 2017. The company is set to carry out a share repurchase of approximately $2.08 billion.

Based in South Korea, Samsung has decided to buy back shares for 8 years. According to a statement from Samsung, the company will repurchase ordinary shares worth 2.7 trillion won and other shares worth 304 billion won (totaling around $2.08 billion) between February 19 and May 16.

This decision indicates the first share repurchase by the company since 2017.

Moreover, the company has decided to cancel the shares worth 3.05 trillion won ($2.11 billion) previously acquired. Samsung had announced a commitment to repurchase shares worth a total of 10 trillion won by November 2023. CHANGE IN CHIP OPERATIONS Additionally, the company made changes to the board to enhance its competitiveness in the global semiconductor industry. As part of the decision, chip unit head Jun Young-hyun and Chief Technology Officer (CTO) Song Jai-hyuk have been nominated to the board. In addition, Seoul National University Professor Lee Hyuk-jae has been nominated as an independent board member.