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 tech giant's stock rose more than 7% in Seoul, after shares had already surged 7.21% on Friday, following news that the company reached a preliminary agreement with its largest workers union,

Shares of Samsung Electronics jumped on Monday after the company unveiled a surprise plan to buy back about 10 trillion South Korean won ($7.19 billion) worth of its own stock over the next 12 months.