Thursday October 29, 2015

Samsung Electronics Unveils $9.9 Billion Buyback

Samsung announced a $9.9 billion buyback plan that has investors tickled pink.

Tech giant Samsung Electronics Co Ltd on Thursday unveiled a 11.3 trillion won ($9.9 billion) share buyback after reporting its first on-year profit growth in two years thanks to strong component sales, pushing its shares sharply higher. Samsung said it would cancel all shares purchased through the buyback, its biggest to date, and planned to give shareholders 30 percent to 50 percent of its free cash flow over the next three years, primarily through dividends.