Choo Chiang Holdings Ltd. commences an Equity Buyback Plan for 20,785,240 shares, representing 10% of its issued share capital, under the authorization approved on April 28, 2021.
May 04, 2021 at 04:19 pm IST
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Choo Chiang Holdings Ltd. (Catalist:42E) commences share repurchases on May 4, 2021, under the program mandated by the shareholders in the Annual General Meeting held on April 28, 2021. As per the mandate, the company is authorized to repurchase up to 20,785,240 shares, representing 10% of its issued share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price and in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 120% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made. The company intends to use internal sources of funds to finance the acquisition of shares. The repurchased shares will be cancelled or held in treasury. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is carried out to the full extent, unless varied or revoked in a General Meeting.
Choo Chiang Holdings Ltd. is an investment holding company. It operates in two segments: Distribution Business and Property Investment. The Distribution Business segment includes sales and retail of its electrical products and accessories. The Property Investment segment includes rental management of its portfolio of investment properties. It offers a range of electrical products and accessories for residential and industrial use at its approximately 10 retail branches in Singapore. Its product categories include cables, electrical circuit protection and wiring devices, lightning protection, electrical wiring accessories, power tools and hardware, fans, cable support system, luminaires, and lamps and accessories. It owns approximately 17 investment properties, which are rented out and also holds over four properties, which are used as retail branches/ warehouses for its operations. The Company's subsidiaries include Choo Chiang Marketing Pte. Ltd. and Choo Chiang Properties Pte. Ltd.
Choo Chiang Holdings Ltd. commences an Equity Buyback Plan for 20,785,240 shares, representing 10% of its issued share capital, under the authorization approved on April 28, 2021.