Chow Sang Sang (00116.HK) announced on August 27th that the Board of Directors intends to exercise the general authorization of the shareholders of the company at the company's annual general meeting held on May 30, 2024, to repurchase the company's shares and conduct on-market share repurchases. According to the share repurchase authorization, the company's maximum number of shares that can be repurchased is 67,743,400 shares, accounting for 10% of the total number of shares issued at the 2024 shareholders' annual general meeting. The company plans to repurchase shares with a total amount not exceeding HK$100 million, to be paid with internal funds, and the repurchased shares will subsequently be cancelled.
Considering the group's business and financial performance, the Board of Directors believes that the trading price of the shares does not fully reflect their intrinsic value. The Board of Directors believes that share repurchases have the potential to enhance earnings per share and return on investment, which is in the interest of the company and shareholders, and reflects the Board's confidence in the long-term prospects and development of the group's business.
