Seoul, Nov 30 (IANS): Samsung Electronics Co said on Friday it will retire 4.8 trillion won ($4.29 billion) worth of corporate shares in line with efforts to benefit shareholders.

The South Korean tech giant decided to retire 449 million units of its common shares, along with 80 million units of preferred shares.

The amount represents 7 per cent of all the common shares and 9 per cent of the preferred shares, Yonhap news agency reported.

The amount is based on the book value. In terms of the closing market price on Thursday on the main bourse, the volume is estimated at around 22 trillion won.

Shares of Samsung Electronics' common shares closed at 43,150 won for common shares and 34,600 won for preferred shares.

The move is a follow-up to Samsung Electronics' decision made in April 2017, when the company vowed to retire 899 million common shares and 161 million preferred shares.

Samsung already retired around half of the amount in May last year.

The company said the process will be completed by Tuesday.

Samsung Electronics said the move will benefit shareholders by increasing the value of the respective shares that remain on the market.

The tech giant added it will continue to bolster its business competitiveness and actively roll out programs that will benefit shareholders.

Samsung Electronics injected 33.5 trillion won over the 2015-17 period for shareholders, including dividends of 12.9 trillion won.

The company plans to spend 28 trillion won over the 2018-20 period.