Raffles Medical Group Ltd commences an Equity Buyback Plan for 186,740,892 shares, representing 10% of its issued share capital, under the authorization approved on April 26, 2021.
December 06, 2021 at 03:54 pm IST
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Raffles Medical Group Ltd (SGX:BSL) commences share repurchases on December 6, 2021, under the program mandated by the shareholders in the Annual General Meeting held on April 26, 2021. As per the mandate, the company is authorized to repurchase up to 186,740,892 shares, representing 10% of its issued share capital. In case of both on and off market repurchases, the maximum price that will be paid by the company for repurchases will be 105% 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 or external borrowings and/or a combination of both to finance purchases 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.
Raffles Medical Group Ltd is a Singapore-based integrated private healthcare provider. The principal activities of the Company are those relating to the operation of medical clinics, other general medical services, and investment holdings. The Companyâs segments include Healthcare Services, Hospital Services, and Investment Holdings. The Healthcare Services segment is engaged in the operations of medical clinics and other general medical services; provision of health insurance, trading in pharmaceutical and nutraceutical products and diagnostic equipment, and provision of management and consultancy services. The Hospital Services segment is engaged in the provision of specialized medical services and operation of hospital and business of medical laboratory and imaging center. The Investment Holdings segment is engaged in investment holding and those relating to investment properties. It operates medical facilities in about 14 cities in Singapore, China, Japan, Vietnam, and Cambodia.
Raffles Medical Group Ltd commences an Equity Buyback Plan for 186,740,892 shares, representing 10% of its issued share capital, under the authorization approved on April 26, 2021.