SK hynix said Wednesday it will buy back 40 trillion won ($28.6 million) worth of its own shares within the next three months and will cancel them.

The chipmaker said in a regulatory filing that it will begin buying back 24.07 million common shares Thursday through open-market purchases and complete the program by Nov. 19. The company said the move is aimed at enhancing shareholder value through the cancellation of treasury shares.

“We believe our shares are currently undervalued and have decided to buy back and cancel 40 trillion won worth of treasury shares to efficiently reallocate capital and enhance shareholder value,” the company said. “We are also considering measures to increase dividends, including higher regular dividends and special dividends.”