CITIC Envirotech Ltd. (SGX:CEE) commences share repurchases on January 23, 2017, under the program mandated by the shareholders in the Extraordinary General Meeting held on January 19, 2017. As per the mandate, the company is authorized to repurchase up to 27,364,259 shares, representing 2.43% of the issued share capital. The purchase price to be paid for a share will be determined by the Directors. However, the purchase price must not exceed, in the case of both a market purchase and an off-market purchase pursuant to an equal access scheme, 105% of the average closing market price of the shares. Purchases or acquisitions of shares may be made either by on-market purchase transacted on the SGX-ST through the ready market, through one or more duly licensed stock brokers appointed by the company for the purpose and/or by off-market purchases effected pursuant to an equal access scheme as defined in Section 76C of the Companies Act. The purchased shares will be cancelled immediately on purchase or acquisition. The company intends to use a combination of internal sources of funds and/or external borrowings to finance purchases or acquisitions of shares. Share purchases may be made, at any time and from time to time, on and from the date of the Extraordinary General Meeting at which the share purchase mandate is approved, up to the earliest of the date on which the next Annual General Meeting of the company is held or required by law to be held; the date on which share purchases are carried out to the full extent mandated; or the date on which the authority conferred by the share purchase mandate is revoked or varied by the company in a General Meeting. As of December 19, 2016, the company had 1,127,927,588 shares in issue.