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.

SEOUL (Reuters) -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 Co. said Friday it will buy back its own shares worth a combined 10 trillion won (US$7.16 billion) over the next year as part of efforts to boost its shareholder value following a recent slide in its stock price.

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.

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.