Shares of Samsung Electronics jumped on Monday after the company unveiled a surprise plan to buy back about 10 trillion South Korean won ($7.19 billion) worth of its own stock over the next 12 months.
Samsung last bought back shares in November 2017, according to data maintained by LSEG.
In a regulatory filing, the company said that 3 trillion won of shares will be bought back in the next three months and canceled.
While the repurchase of the remaining 7 trillion won worth of shares will be "authorized accordingly by the Board, which will decide on ways to enhance shareholder value, including when and how to use the treasury shares," it added.
According to South Korean media, SK Hynix is the first chipmaker in the world to supply fifth-generation HBM3E chips in March to Nvidia.
Persons:
Donald Trump, — CNBC's Arjun Kharpal
Organizations:
Samsung Electronics, South Korean, South, Samsung, LSEG, Board, SK Hynix, Nvidia, CNBC
Locations:
Seoul, South Korean