Allied Machinery Co., Ltd. announces an Equity Buyback for CNY 60 million worth of its shares.
February 06, 2024
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Allied Machinery Co., Ltd. (SHSE:605060) announces a share repurchase program. Under the program, the company will repurchase up to CNY 60 million worth of its shares. The repurchase price will not be more than CNY 23 per share. The purpose of program to maintain the value and shareholder rights. The repurchases will be funded using company?s own funds. The repurchase period will not be more than 12 months.
On June 3, 2024, the company agreed to adjust the purpose of the repurchased shares, which will be used for employee stock ownership plans or equity incentives.
Allied Machinery Co Ltd is a China-based company principally engaged in the research and development, design, production and sales of high-precision mechanical parts and precision cavity mold products, as well as provides one-stop services from casting to finishing. The Company's main products are: compressor parts mainly cover two major types of compressor parts, which are centrifugal compressors and screw compressors. Construction machinery components mainly include box components, transmission covers, body components, transmission box components, clutch housings, gear covers, and transmission accessories. Injection molding machine parts mainly include static plate, moving plate, oil cylinder, frame, motor seat, feeding pipe and bottom cover. Food machinery components mainly include frame, main body, crosshead, connecting rod assembly, power frame, front frame, gear cover and bearing cover. The Company distributes its products both in the domestic market and to overseas markets.