Ko Di-B (02487.HK) announced on July 12th that the company plans to implement a share buyback plan from July 15th, 2024 to December 31st, 2024 (including the first and last days). The share buyback plan will be implemented through the exercise of the power under the general authorization to repurchase shares granted by the shareholders of the company to the board of directors at the company's annual general meeting held on June 5, 2024.
The maximum amount of funds to be used for share repurchase is RMB 50 million (equivalent to about HKD 54.7 million). For illustrative purposes, assuming RMB 50 million is fully utilized, based on the closing price of the shares on July 11, 2024, the shares to be repurchased on the date of this announcement account for approximately 2.7% of the total issued shares. According to listing rules, the repurchase price per share shall not be higher than 5% or more of the average closing price of the shares for the five trading days immediately preceding each repurchase. The company intends to use its available cash flow and internal resources to provide funds for share repurchases, while maintaining sufficient financial resources to sustain the business's continued growth. The board of directors believes that the share buyback plan can demonstrate the company's confidence in its long-term business prospects and ultimately bring benefits to the company and create value for shareholders.