Carpenter Tan Holdings Limited (SEHK:837) commences share repurchases on January 11, 2016, under the program, mandated by the shareholders in the Annual General Meeting held on May 27, 2015. As per the mandate, the company is authorized to repurchase up to 25,000,000 shares, representing 10% of its issued share capital. The company will make repurchases on The Stock Exchange of Hong Kong Limited or on any other stock exchange on which the shares of the company may be listed and recognized by the Securities and Futures Commission of Hong Kong and the Stock Exchange for this purpose, and subject to and in accordance with all applicable laws, rules and regulations.

Any repurchase will be made out of funds which are legally available for the purpose in accordance with the Articles and the Companies Law. The purpose of this repurchase program is to enhance the net asset value and/or the earnings per share of the company. This program will be valid until the earliest of the conclusion of the next Annual General Meeting, or the expiration of the period within which the next Annual General Meeting of the company is required by its bye-laws to be held or the passing of an ordinary resolution by its shareholders in general meeting revoking or varying the authority given to its directors by this resolution.

As of May 27, 2015, the company has 250,000,000 shares outstanding.