Samsung Electronics Claims That It Will Cancel Shares Worth $4.4 Billion

Samsung Electronics Claims That It Will Cancel Shares Worth $4.4 Billion

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Samsung Electronics claimed last week that it will cancel 4.9 Trillion Won (almost $4.4 Billion) worth of its stakes. Anticipated to be concluded this week, the cancellation was the 2nd phase of its earlier declared plan to cancel all of its treasury stakes in two phases to improve value of shareholders. The first phase was cancelled in May 2017, it claimed.

The South Korean tech behemoth in 2017 refused pressure from Elliott (US activist hedge fund) for a major renovation of its complex structure, but accepted fraction of the fund’s proposals by disclosing plans to cancel its current treasury stakes by this year. The cancellation declared last week comprised 81 Million in preferred share and 450 Million in common share, the firm claimed to the stock exchange in a filing.

On a related note, Samsung earlier claimed that it is going to begin allowing app developers look into Bixby, and hardware firms will be capable of building the voice assistant into their goods, as well. In the year-and-a-half since the roll out of Bixby, Samsung has already conveyed the assistant to fridges, phones, and TVs, but they have all been the firm’s own products. With the latest announcements, other firms will be capable of building it into their own products too, either as an option to Google’s Assistant or Amazon’s Alexa or, more likely, as an extra choice for consumers who want to live in ecosystem created by Samsung.

Users might have more reason to hold Bixby in the future, as well, since 3rd party developers will be capable of building services that uses the assistant. It is not completely clear what they’ll look like or what to expect. Samsung gave a demo of Bixby in different interfaces that you will see while booking a hotel stay. But Samsung is committing to make Bixby as open so that developers will be capable of making anything that Samsung can make.