Samsung Electronics Co. said Friday it will buy back its own shares worth a combined 10 trillion won (US$7.16 billion) over the next year as part of efforts to boost its shareholder value following a recent slide in its stock price.

In the buyback plan approved by the board of directors, a combined 3 trillion won of shares will be bought back within three months starting Monday and continuing until Feb. 17, the company said in a statement.

For the remaining 7 trillion won, the company will decide on how and when to utilize them from the perspective of enhancing shareholder value at subsequent board meetings.

Shares in Samsung have been on a sharp decline in recent months, hitting 49,900 won on Thursday, the lowest since June 2020. The drop comes amid disappointing earnings and a negative outlook for the global semiconductor industry under the incoming Donald Trump administration in the United States.

Samsung said it remains committed to delivering "sustainable shareholder value" and will work to enhance the "long-term value" of the company.

Previously, the Korean chip giant executed a share buyback program in 2017, repurchasing shares worth 9.3 trillion won and canceling half of the treasury stocks to improve shareholder value.