SEOUL, Aug 21 (Reuters) - Samsung Electronics plans to hold a board meeting on Friday afternoon to discuss a new shareholder return package, a person familiar with the matter told Reuters, after media reports said the plan could be worth more than $70 billion.
The source did not give details, but said it could be a significant amount and the meeting could take place after the market closes.
A Samsung Electronics spokesperson declined to comment.
South Korea's MoneyToday reported on Thursday that the company is set to announce a new shareholder return policy later this month worth more than 100 trillion won ($71.75 billion).
Samsung Electronics, the world's top memory chipmaker and rival SK Hynix, have been under growing investor pressure to return more of their AI-driven cash gains to shareholders through dividends and buybacks after their record-high profits failed to ease investor jitters about AI spending.
SK Hynix said on Wednesday it will buy back and cancel 40 trillion won ($28.61 billion) of treasury shares and allocate more than 50% of free cash flow generated between 2025 and 2027 to boost shareholder returns.
(Reporting by Cynthia Kim and Hyunjoo JinEditing by Ed Davies)
