Samsung Electronics unveiled plans Friday to buy back 10 trillion won ($7.2 billion) of its shares over the next year, sending its stock soaring in South Korean trading.

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 (OTCPK:SSNLF) intends to buy back 10T won ($7.17B) worth of its shares over one year to bolster shareholder value, Reuters reported. The tech giant's stock soared about 7% on Friday on the South Korean exchange.