Luxchem Corporation Berhad commences an Equity Buyback Plan, under the authorization approved on May 27, 2021.
December 08, 2021 at 04:39 am
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Luxchem Corporation Berhad (KLSE:LUXCHEM) commences share repurchases on December 8, 2021, under the program mandated by the shareholders in the Annual General Meeting held on May 27, 2021. As per the mandate, the company is authorized to repurchase its own shares, such that the companys holding in treasury does not exceed 10% of its issued share capital. The shares will be purchased at a price which is not more that 15% above the weighted average market price of the companys shares for the five market days immediately prior to the date of the purchase. The maximum funds to be allocated by the company for the purpose of purchasing the shares shall not exceed the aggregate of retained profits of the company and the company may use internally generated funds and/or bank borrowings to finance the repurchases. The shares repurchased will be cancelled, retained as treasury shares, or retain the part of shares as treasury and cancel the remaining. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is varied or revoked in a General Meeting.
Luxchem Corporation Berhad is a Malaysia-based investment holding company. The Company operates through two segments: Trading and Manufacturing. The Trading segment is engaged in importing, exporting, and distributing petrochemical and other related products. Its products are mainly sold to manufacturers in the latex, fiberglass reinforced plastic (FRP), polyvinyl chloride (PVC), rubber, coating, and ceramic industries. The Manufacturing segment is engaged in the manufacturing and trading of unsaturated polyester resin, latex chemical dispersions, latex processing chemicals and related products. The Company, through Luxchem Trading Sdn. Bhd., Luxchem Trading (S) Pte. Ltd., and Chemplex Composite Industries (M) Sdn. Bhd., imports, exports, and distributes chemical, industrial, and other preparations. Through Luxchem Polymer Industries Sdn. Bhd., the Company is engaged in manufacturing and trading of unsaturated polyester resin and related products.