Samsung Electronics on Tuesday nominated its chip business chief Jun Young-hyun and Chief Technology Officer Song Jai-hyuk to join its board, as the tech giant looks to boost competitiveness in its struggling semiconductor business.

The electronics company's decision to cancel $2 billion of its own shares helps it boost the value of its remaining shares.

Chairman Lee Jae-yong not nominated for board amid legal uncertainties Samsung Electronics said Tuesday it would cancel 3.05 trillion won ($2.11 billion) worth of its own previously purchased shares as part of its plan to boost shareholder value.

Samsung Electronics has decided to cancel 3.05 trillion won ($2.11 billion) worth of its own shares that it had acquired previously, the company said in a regulatory filing. Samsung also said in a separate regulatory filing it would acquire 2.

Samsung Electronics (SSNLF) (GB:SMSN) announced a massive cancelation for ₩3 trillion ($2.1 billion) worth of its shares from circulation,

Samsung Electronics (OTCPK:SSNLF) plans to cancel 3.05T won (about $2.11B) worth of its own stock that it had acquired previously, according to a regulatory filing by the company. The South Korean tech giant also said in a separate filing that it would buy 2.