Samsung Electronics will cancel all treasury shares it acquired last year next month. The total is worth 14.58 trillion won at market prices.

Samsung Electronics filed on March 31 that it will cancel 73,359,314 common shares and 13,603,461 preferred shares. The cancellation date is April 2. The planned cancellation amount is 534,553,800,000 won at par value of 100 won per share. At market prices, the total comes to 14.5806 trillion won using the March 30 closing prices of 176,300 won for common shares and 121,100 won for preferred shares, the date the board approved the move.

The shares to be cancelled are treasury shares acquired to boost shareholder value under two board resolutions on Feb. 18 and July 8 last year. The cancellation will dispose of all shares held for cancellation under the treasury share holding and disposal plan approved at the 57th annual general meeting of shareholders. Samsung Electronics previously said it would cancel about 87 million of the 105.43 million treasury shares it held as of the end of last year during the first half of this year.

The cancellation will use already acquired treasury shares and will not require any additional acquisition procedure. All 5 outside directors attended this board meeting. Samsung Electronics said: "This is the cancellation of treasury shares acquired within the range of distributable profits by a board resolution, which only reduces the number of shares and does not reduce capital."