Samsung unveils US$10bil buyback plan

Sharply higher: A man walks past a billboard advertising for a Samsung mobile phone in Hong Kong. The maker of Galaxy-series handsets and tablets says third-quarter operating profit jumped 82 to 7.4 trillion won (US6.5bil), in line with its guidance. – AFP

SEOUL: Tech giant Samsung Electronics Co Ltd has unveiled a 11.3 trillion won (US$9.9bil) share buyback after reporting its first on-year profit growth in two years thanks to strong component sales, pushing its shares sharply higher.

Samsung said it would cancel all shares purchased through the buyback, its biggest to date, and planned to give shareholders 30% to 50% of its free cash flow over the next three years, primarily through dividends.