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 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.

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 (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,

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.