Advancecon Holdings Berhad (KLSE:ADVCON) commences share repurchases on July 30, 2020, under the program mandated by the shareholders in the Annual General Meeting held on July 30, 2020. As per the mandate, the company is authorized to repurchase 10% of its issued share capital. The repurchased shares will either be canceled, or retained in treasury, or combination of both. The repurchases will be funded through internally generated funds and/or bank borrowings. The maximum amount of funds to be allocated for the repurchase shall not exceed the aggregate of retained profits of the company. 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.