By Stephen Nakrosis
The price for shares of CBL International, the listing vehicle of Banle Group rose in Tuesday's after-hours session, following news the company's board authorized a share repurchase program.
After the bell, shares were trading 36% higher, at $1.24, on heavy volume. The stock finished the day's regular session with a 1.6% loss, closing at 91 cents.
The share repurchase plan, for up to the lesser of $5 million or 5 million ordinary shares, is set to expire on April 15, 2028.
Teck Lim Chia, the group's chairman and chief executive officer, said the board thinks the current market price of shares doesn't fully reflect the underlying strength and long-term potential of the business, and added the repurchase program underscores confidence in the company's future.
Also on Tuesday, the company reported 2024 revenue of $592.52 million, a 35.9% increase from the $435.90 million reported in 2023.
Banle Group is a marine fuel logistic company based in the Asia Pacific region.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
June 03, 2025 17:42 ET (21:42 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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