Samsung Elec to convene board meeting Friday to discuss shareholder return plan, says source

Samsung Elec to convene board meeting Friday to discuss shareholder return plan, says source SEOUL, Aug 21 : Samsung Electronics plans to hold a board meeting on Friday afternoon to discuss a new shareholder return package, a person familiar with the matter told Reuters, after media reports said the plan could be worth more than $70 billion. The source did not give details, but said it could be a significant amount and the meeting could take place after the market closes. A Samsung Electronics spokesperson declined to comment. South Korea's MoneyToday reported on Thursday that the company is set to announce a new shareholder return policy later this month worth more than 100 trillion won ($71.75 billion). Samsung Electronics, the world's top memory chipmaker and rival SK Hynix, have been under growing investor pressure to return more of their AI-driven cash gains to shareholders through dividends and buybacks after their record-high profits failed to ease investor jitters about AI spending. SK Hynix said on Wednesday it will buy back and cancel 40 trillion won ($28.61 billion) of treasury shares and allocate more than 50 per cent of free cash flow generated between 2025 and 2027 to boost shareholder returns.