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' announcement on Friday that it will buy back 10 trillion won ($7.17 billion) worth of its shares over the next year to prevent further declines in its falling stock price is expected to lead to a short-term increase in share value.

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.