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.

Samsung Electronics Co. shares surged after South Korea’s biggest company announced a surprise plan to buy back about 10 trillion won ($7.2 billion) of its own stock over the next year. Most Read from BloombergSaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over Highway Expansion and EmissionsThe stock rose as much as 7.

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.

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.

The prospect of a buyback worth trillions of South Korean won has cheered investors after a disappointing year. View on euronews

Shares of Samsung Electronics soared on Monday, the first trading day since the chipmaker announced a multibillion-dollar share buyback on Friday.