Samsung Electronics said Wednesday it is splitting its stock in a move to enhance shareholder value.

The 50-to-one face value split was approved at the board of directors meeting and comes after the company reported record earnings on robust demand for memory chips and sales of high-end displays for the iPhone X.

Under the stock split plan, the face value of a single issued stock was adjusted downward from five-thousand won to 100 won.

As a result, the number of average shares goes up to nearly six-point-42 billion shares from 128 million.

The decision is set to be finalized on March 23rd at the regular general meeting of shareholders.