Update: Samsung to buy back 11.3t won in own shares over next year

[SEOUL] Tech giant Samsung Electronics Co Ltd said on Thursday it plans to buy back and cancel 11.3 trillion won (S$13.85 billion) worth of its own shares over the next year to boost shareholder value.

Samsung, in regulatory filings and a statement, said it will initially buy back 4.2 trillion won worth of common and preferred shares from Friday until Jan. 29, 2016 because it believes the company's share prices are undervalued.

The company also said it will return between 30 to 50 per cent of its annual free cash flow via dividends or share buybacks over the next three years. It is also considering paying dividends on a quarterly basis starting next year.

REUTERS