South Korean tech company Samsung has decided to conduct a stock buyback for the first time since 2017. The company will repurchase approximately $8 billion worth of shares.

Samsung, based in South Korea, has made a decision to buy back shares after 8 years. According to Samsung’s statement, between February 19 and May 16, it will repurchase common shares worth 2.7 trillion won and other shares worth 304 billion won (totaling around $8 billion).

This decision marks the first time since 2017 that the company has opted for share buybacks.

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