Trek 2000 International Ltd commences an Equity Buyback Plan for 31,350,142 shares, representing 10% of its issued share capital, under the authorization approved on April 28, 2021.
May 18, 2021 at 05:41 am
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Trek 2000 International Ltd (SGX:5AB) commences share repurchases on May 18, 2021, under the program mandated by the shareholders in the Annual General Meeting held on April 28, 2021. As per the mandate, the company is authorized to repurchase up to 31,350,142 shares, representing 10% of its issued share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made. While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 120% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded immediately preceding the date of offer by the company. The company intends to use internal sources of funds, external borrowings, or a combination of both to finance the acquisition of shares. The shares purchased will be cancelled immediately unless held as treasury shares. 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 carried out to the full extent, unless varied or revoked in a General Meeting.
Trek 2000 International Ltd is a Singapore-based investment holding company. The Company is engaged in the ownership of a portfolio of intellectual property. The Company's business segments include Customised solutions, Interactive consumer solutions and Renewable energy solutions. The principal activities of the Company are research, design, development and dealing in computer hardware, software, electronic components and other related products; marketing and distribution of computer peripherals and electronic components, and development and marketing of Web portal services, including social networking sites. Trek, ThumbDrive and FluCard are trademarks or registered trademarks of the Company in Singapore and/or other countries. The Company offers categories of customized solutions such as customized firmware, customized module, customized total solutions, customized software solutions, portable storage solutions - Trek's Controller + NAND Flash Memory, and Power Management Solutions.
Trek 2000 International Ltd commences an Equity Buyback Plan for 31,350,142 shares, representing 10% of its issued share capital, under the authorization approved on April 28, 2021.