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.

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.

Samsung Electronics (OTC:SSNLF) announces plans to repurchase shares worth 10 trillion won (~$7.17B) as part of its strategy to boost shareholder value. The Board of Directors approved the buyback program,

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,

Samsung Electronics (OTCPK:SSNLF) intends to buy back 10T won ($7.17B) worth of its shares over one year to bolster shareholder value, Reuters reported. The tech giant's stock soared about 7% on Friday on the South Korean exchange.