China Harmony New Energy Auto Holding Limited announces an Equity Buyback for 157,570,067 shares, representing 10% of its issued share capital.
January 25, 2017 at 08:28 am
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China Harmony New Energy Auto Holding Limited (SEHK:3836) commences share repurchases on January 25, 2017, under the program mandated by the shareholders in the Annual General Meeting held on May 18, 2016. As per the mandate, the company is authorized to repurchase up to 157,570,067 shares, representing 10% of its issued share capital. The repurchases will be made out of funds which are legally available for the purpose in accordance with its Articles of Association, the laws of Cayman Islands and/or any other applicable laws. The repurchases will be made on the Stock Exchange depending on market conditions and funding arrangements at the time. Repurchases will lead to an enhancement of the net asset value of the company and/or earnings per share and will only be made when the Directors believe that such a repurchase will benefit the company and the shareholders. The share repurchase program shall 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 the bye-laws of company to be held or the passing of an ordinary resolution by the shareholders of the company in General Meeting revoking or varying the authority given to the directors of the company by this resolution. As of May 18, 2016, the company has 1,575,700,677 shares outstanding.
China Harmony Auto Holding Ltd, formerly China Harmony New Energy Auto Holding Ltd, is an investment holding company principally engaged in the sale of motor vehicles and the provision of motor vehicles related services in Mainland China. The Company operates the Sale of Motor Vehicles and the Provision of Related Services segment. The Company is mainly engaged in the sales of high-end luxury cars, including BMW, Lexus, MINI, Land Rover, Volvo, Infiniti, Rolls Royce, Aston Martin, Ferrari, Maserati and more. The Company mainly conducts its businesses in Mainland China.