Tiong Seng Holdings Limited commences an Equity Buyback Plan for 44,141,954 shares, representing 10% of its issued share capital, under the authorization approved on April 22, 2022.

Tiong Seng Holdings Limited (SGX:BFI) commences share repurchases on September 22, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 22, 2022. As per the mandate, the company is authorized to repurchase up to 44,141,954 shares, representing 10% of its issued share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made.

While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 120% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded immediately preceding the date of offer by the company. The repurchased shares will be cancelled or kept as treasury shares. The company intends to use its internal sources and/or external borrowings to finance its purchase or acquisition of its shares.

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 at April 22, 2022, the company had 441,419,549 issued Shares & 18,204,300 ordinary shares in treasury.