Yip's Chemical Holdings Limited commences an Equity Buyback Plan for 56,848,409 shares, representing 10% of its issued share capital, under the authorization approved on June 3, 2024.
July 10, 2024 at 06:52 am
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Yip's Chemical Holdings Limited (SEHK:408) commences share repurchases on July 10, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 3, 2024. As per the mandate, the company is authorized to repurchase up to 56,848,409 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company. The repurchases will be made out of the funds legally available for such purpose in accordance with the law of the Cayman Islands and the Articles. 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. As of June 3, 2024, the company had 568,484,096 shares in issue.
On June 17, 2024, the company announced a share repurchase program. Under the program, the company will repurchase HKD 30 million worth of shares. The purchase price of the Shares will not be higher by 5% or more than the average closing market price of the Shares on The Stock Exchange of Hong Kong Limited for the 5 trading days preceding the date of each repurchase under the Share Buyback Program. The program will be financed by internal resources. The repurchases will commence from June 18, 2024. The company will subsequently cancel the bought shares.
Yipâs Chemical Holdings Limited is a Hong Kong-based investment holding company principally engaged in chemical businesses. The Company operates through four segments. Solvents segment is engaged in the manufacture and trading of solvents and related products, such as ethyl acetate, normal butyl acetate, mixed butyl acetate, ethanol and thinners. Coatings segment is engaged in the manufacture and trading of coatings and related products, such as paints and resins. Inks segment is engaged in the manufacture and trading of inks and related products. Lubricants segment is engaged in the manufacture and trading of lubricants products, such as engine oils, antifreeze fluids, gear oils, automatic transmission fluids, hydraulic oils and heat conducting oils.
Yip's Chemical Holdings Limited commences an Equity Buyback Plan for 56,848,409 shares, representing 10% of its issued share capital, under the authorization approved on June 3, 2024.