Samsung Electronics plans 90 trln won share buyback, Yonhap reports
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SEOUL, June 24 : Samsung Electronics plans a share buyback programme worth 90 trillion won ($58.61 billion) after agreeing to give a bonus in stock to employees following recent wage talks, the Yonhap News Agency reported on Wednesday.
The memory-chip maker will soon announce details on the plan, Yonhap said, citing unidentified industry sources.
Management and union last month reached a pay deal under which Samsung is expected to set aside about 10.5 per cent of its operating profit for special bonuses for the chip division in the form of stocks, sparking concerns over inequality at the company.
Samsung is estimated to have to spend 154 trillion won on the bonus, including 40 per cent in taxes, Yonhap said.
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Employees at Samsung will be able to immediately sell a third of the treasury shares they receive as bonuses, but they will have to wait for a year for another third and a further year for the remainder.
($1 = 1,535.6000 won)
Source: Reuters
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