[THE INVESTOR] Samsung Electronics is extending the refund period for its Galaxy Note 7 smartphone with a faulty battery to the end of this month in Korea.

The company said on Sept. 22 that the Korean Agency for Technology Standard, a state-run agency overseeing product safety, has approved its revised recall plan of the Note phone.

Samsung had previously planned to offer a refund for the defective device from Sept. 2-19, while running a replacement program with a refurbished Note or Samsung’s other premium models such as Galaxy S7 until March 31 next year. 




As advised by the KATS, the company will send text messages to inform consumers about the revised recall program, encouraging them to exchange their phone with a new one.

According to industry sources, more than 100,000 Note users in Korea have already replaced their phones with new ones in three days since the company started the recall program on Sept. 19.

By Kim Young-won (wone0102@heraldcorp.com)