On December 18, Gelonghui reported that TAI HING GROUP (06811.HK) announced that the company may repurchase shares in the open market based on the buyback authorization granted by its Shareholders at the Shareholders Annual General Meeting to be held on May 17, 2024, using up to 30 million Hong Kong dollars to repurchase the company's issued ordinary shares. According to the share repurchase authorization, the maximum number of shares authorized for repurchase is 0.101 billion shares, accounting for 10% of the total issued shares on the day of the 2024 Shareholders Annual General Meeting. The proposed share repurchase will be funded by the company's internal resources.
The Board of Directors believes that the proposed share repurchase demonstrates the company's confidence in its long-term Business outlook and will ultimately benefit the company and create value for its Shareholders, thereby aligning with the overall best interests of the company and its Shareholders. The Board of Directors believes that the company's existing financial resources are sufficient to support the share repurchase while maintaining a sound financial position to continue developing the company’s Business. The Board of Directors will continue to monitor market conditions and will repurchase shares in the open market in a timely manner.
