Tianshan Aluminum Group Co.,Ltd announces an Equity Buyback for CNY 200 million worth of its shares.
January 23, 2024 at 09:30 pm IST
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Tianshan Aluminum Group Co.,Ltd (SZSE:002532) announces a share repurchase program. Under the program, the company will repurchase up to CNY 200 million worth of its A shares. The shares will be repurchased at a price not more than CNY 8.6 per share. The repurchased shares will be used for employee stock ownership plan or equity incentives and if company fails to use the repurchased shares then shares shall be cancelled. The shares will be repurchased from company's own funds. The authorization will be valid for a period of 6 months.
On June 3, 2024, the company amended its share repurchase program. The shares will be repurchased at a price not exceeding CNY 8.45 per share.
Tianshan Aluminum Group Co Ltd, formerly Shimge Pump Industry Group Co Ltd, is a China-based company mainly engaged in comprehensive aluminum production, manufacturing and sales. The Company's main business is the production and sales of primary aluminum, aluminum deep-processed products and materials, pre-baked anodes, high-purity aluminum and alumina. The Company is also engaged in the research, development, manufacture and distribution of water pumps and air compressors. The Company provides small-scale submersible electric pumps, sewage and waste submersible electric pumps, submersible electric pumps for wells, onshore pumps and other agricultural water pumps, as well as air compressors and other related components. Its products are applied in agricultural irrigation, rural water supply and transportation, as well as rural wastewater treatment, among others. The Company distributes its products in both domestic and overseas markets.