Wai Chi Holdings (01305) has announced that its board of directors has resolved to exercise the power under the share buyback authorization to repurchase shares, at any time and from time to time on the open market of The Stock Exchange of Hong Kong, for a maximum aggregate consideration not exceeding HK$20 million.
The repurchase price per share shall not exceed 5% or more above the average closing price of the shares for the five trading days immediately preceding the relevant share repurchase.
All share repurchases will be conducted in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong, the rules, regulations, and provisions as may be amended from time to time by the Securities and Futures Commission of Hong Kong or any other recognized stock exchange, the Code on Takeovers and Mergers and Share Buy-backs, the Companies Ordinance, and all other applicable laws and regulations to which the company is subject.
The repurchased shares will be held as treasury shares. The company must ensure that the treasury shares are properly identified and distinguished, and the sale of any treasury shares must be conducted in accordance with the Listing Rules.
The company will fund the share repurchases from its existing legally available cash reserves. The board believes that the company's current financial resources will enable it to implement the share repurchase while maintaining a sound financial position, effective operations, and sustainable growth.