China Res Gas (01193.HK) announced on September 25 that the board of directors has resolved to repurchase a minimum of 45.8 million company shares on the open market, representing approximately 1.98% of the total issued share capital of the company, in accordance with the share repurchase authorization approved by the company's shareholders at the annual general meeting held on May 24, 2024, and any updates or re-establishments of the share repurchase authorization subsequently approved by the shareholders. The board of directors may also repurchase additional company shares on the open market as needed.
The board of directors believes that the proposed share repurchase demonstrates the company's confidence in its business outlook and prospects, ultimately benefiting the company and creating value for its shareholders. The board proposes that the share repurchase be funded from the company's internal cash resources. The board is of the opinion that the company's existing financial resources are sufficient to support the share repurchase while maintaining a sound financial position. Therefore, the company believes that the proposed share buyback is in the overall interest of the company and its shareholders.
As of the date of this announcement, a total of 45.8 million shares, representing approximately 1.98% of the total issued share capital of the company, are held in trust by the relevant trustees under the restricted share award plan. The company has been informed that the trustees will sell the above-mentioned shares they hold in accordance with the terms of the plan and in a manner they deem appropriate. The company will arrange for the funds held in the trust to be transferred back to the company after the plan terminates.
