Samsung plans up to $80bn share buyback

Samsung Electronics said Friday it would buy back up to $80 billion of its own shares as part of a shareholder return plan for 2026.

The South Korean chip company said its board approved a plan estimated at 90 trillion to 110 trillion won. Samsung said the plan is intended to pass benefits from the company's growth to shareholders.

Samsung said it first plans to make a cash dividend of about 30 trillion won in the third quarter, with details to be finalised at a board meeting in late October.

The announcement followed rival SK hynix's unveiling of a $28.9 billion share buyback on Wednesday. SK hynix shares rose 12 percent the following day.

Samsung shares had reached a record 370,000 won in mid-June and were trading around 279,000 won on Friday. They closed up 3.9 percent Friday before the announcement, on expectations of a major shareholder return plan.

Samsung said last month that its second-quarter operating profit rose more than 1,800 percent, driven by demand for advanced chips linked to artificial intelligence.