MMS Ventures Berhad (KLSE:MMSV) commences share repurchases on June 12, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 12, 2023. As per the mandate, the company is authorized to repurchase its own shares, such that the companyâs holding in treasury does not exceed 10% of its issued share capital. The maximum funds to be allocated by the company for the purpose of purchasing the shares shall not exceed the aggregate of the retained profits reserve and the company may use internally generated funds and/or bank borrowings to finance the repurchases.
The shares repurchased will be cancelled or retained as treasury shares or distributed as share dividends to the companyâs shareholders, or resold. 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 varied or revoked in a General Meeting.