SEOUL: Samsung Electronics plans to buy back shares worth 10 trillion won (US$7.17 billion) over a one-year period to boost shareholder value, it said in a regulatory filing submitted after the market closed on Friday.

KEY TAKEAWAYS Samsung Electronics unveiled plans Friday to buy back 10 trillion won ($7.2 billion) of its shares over the next year, sending its stock soaring in South Korean trading.Shares of Samsung,

Samsung Electronics has decided to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, after shares plunged to more than four-year lows earlier in the week.

In the buyback plan approved by the board of directors, a combined 3 trillion won of shares will be bought back within three months starting Monday and continuing until February 17.

Samsung Electronics Co. said Friday it will buy back its own shares worth a combined 10 trillion won (US$7.16 billion) over the next year as part of efforts to boost its shareholder value following a recent slide in its stock price.

Samsung Electronics (OTCPK:SSNLF) intends to buy back 10T won ($7.17B) worth of its shares over one year to bolster shareholder value, Reuters reported. The tech giant's stock soared about 7% on Friday on the South Korean exchange.