SEOUL (Reuters) - SK Square, the holding company of SK Hynix, a maker of artificial intelligence chips, on Thursday announced a plan to buy back shares and appoint an independent director as part of efforts to boost shareholder value.

The plan came after London-based hedge fund Palliser Capital this year proposed changes to address the undervaluation of the company and South Korea's government has implemented a "Value-Up" programme to bolster stock prices.

SK Square said it plans to cancel 100 billion won ($71.51 million) worth of shares that it had bought back in April, while planning to repurchase another 100 billion won worth of shares within the next three months and cancel those shares.

(Reporting by Hyunjoo Jin and Jack Kim; Editing by Ed Davies)