Skyworth Group's (HKG:0751) shareholders have approved the company's offer to repurchase up to 350 million shares at HK$3.11 each, according to a Hong Kong bourse filing on Friday.
The resolution passed with 99.7% of votes in favor at a special general meeting on May 23, making the HK$1.09 billion offer unconditional.
The offer will remain open for acceptance until June 6, the filing said.
Chairman Wong Wai Man and other major shareholders have irrevocably undertaken not to tender their shares.
If fully subscribed, the company's issued share capital would decrease to 1.88 billion shares from 2.23 billion, raising the stake held by Wong and concert parties to 69.4% from 58.5%.
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