Second Chance Properties Ltd (SGX:528) commences share repurchases on January 5, 2021, under the program mandated by the shareholders in the Extraordinary General Meeting held on December 30, 2020. As per the mandate, the company is authorized to repurchase up to 37,763,566 shares, representing 5% of the issued ordinary 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 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. While 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 immediately preceding the date of offer by the company. The purpose of the buyback is to provide flexibility, have an efficient capital structure, maximize shareholder returns, mitigate short-term market volatility to enhance earning per share and enhance flexibility to provide shares to eligible employees under its future share-based incentive schemes. The repurchased shares will be cancelled and then delisted by the exchange, unless held as treasury shares. The company intends to use its capital or profits as long as it is solvent, internal sources of funds or bank borrowings and/or a combination of both to finance purchases of shares. 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.