Samsung Electronics Co. plans to buy back about 10 trillion won ($7.2 billion) of its own stock over the next year, putting in motion one of the larger shareholder return programs in its history.

The South Korean technology giant’s stock repurchase plan comes amid investor concerns over its flagship memory-chip business, which is missing out on the artificial intelligence boom.

Samsung Electronics has decided to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, after shares plunged to more than four-year lows earlier in the week.

KEY TAKEAWAYS Samsung Electronics unveiled plans Friday to buy back 10 trillion won ($7.2 billion) of its shares over the next year, sending its stock soaring in South Korean trading.Shares of Samsung,

In the buyback plan approved by the board of directors, a combined 3 trillion won of shares will be bought back within three months starting Monday and continuing until February 17.

Samsung Electronics plans to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, it said in a regulatory filing submitted after the market closed on Friday.

Samsung Electronics shares closed low for six straight days until Thursday, when they closed at 49,900 won, below the 50,000 won mark for the first time since June 2020. The stock