Samsung Electronics Co. shares surged Monday after South Korea’s biggest company announced a surprise plan late Friday to buy back about 10 trillion won ($7.2 billion) of its own stock over the next year.

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 (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 (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,