The shares of Samsung Electronics rose on Monday after the company announced an unusual buyback plan to purchase around 10 trillion won ($7.19 billion) of its own shares over the next 12 months. In a regulatory document, the company stated that 3 trillion won worth of shares would be bought back in the first few months.
Shares of the South Korean tech giant rose by more than 7% in Seoul, after they had already gained 7.21% on Friday, according to news that the company reached a preliminary agreement with its largest shareholder, which started to offload in July.
The last time Samsung bought back shares was in November 2017, according to data from LSEG.
