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Name | Symbol | Market | Type |
---|---|---|---|
Taiwan Semiconductor Manufacturing Co Ltd | NYSE:TSM | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
5.65 | 4.15% | 141.88 | 142.11 | 138.76 | 138.86 | 13,264,338 | 01:00:00 |
SEOUL-- Samsung Electronics Co. said it would buy back $2 billion of its shares, its first such move in seven years, as it deploys some of its $60 billion cash hoard to shore up its flagging share price.
In a regulatory filing after the close of trading Wednesday, Samsung said it was returning the cash to improve shareholder returns and stabilize its stock price, which has fallen 12% so far this year.
It also comes after a number of high-profile shareholders and analysts have called publicly for an increase in dividends and share buybacks. The company's dividend yield is about half that of peers such as Intel Corp. and Taiwan Semiconductor Manufacturing Co. Ltd.
The buyback will include 1.96 trillion Korean won (US$1.8 billion) of common shares, and 230 billion won ($208 million) of non-voting preferred shares, according to Samsung's filing.
Write to Jonathan Cheng at jonathan.cheng@wsj.com and Min-Jeong Lee at min-jeong.lee@wsj.com
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