Amcorp Properties Berhad (KLSE:AMPROP) commences share repurchases on November 29, 2016 under the program mandated by the shareholders in the Annual General Meeting held on August 30, 2016. As per the mandate, the company is authorized to repurchase up to 10% of its issued and paid-up share capital, such that the company’s holding in treasury together with the shares repurchased does not exceed 10% of its issued and paid-up share capital. Repurchases will be made through Bursa Securities. Repurchased shares will be canceled, or retained in treasury for distribution as dividend to the shareholders, or resold on Bursa Securities. The repurchases will be funded from internally generated funds such as the retained profits and share premium account of the company and through external borrowings. The purpose of the program is to stabilize the supply and demand of shares traded and thereby support its fundamental value and to enhance earnings per share from the resultant reduction in the number of Shares in the open market, and to utilize the treasury shares as future dividend payout to shareholders and/or for resale in the market at a higher price. Repurchase program allows the company to take preventive measures against speculation particularly when the shares are undervalued which would in turn stabilize the market price of the shares and enhance investors’ confidence. The repurchase program will reduce the financial resources of the company and may result in foregoing any investment opportunity that may emerge in the future and may also result in the reduction of financial resources available for distribution to shareholders in the immediate future. The repurchases will be in accordance with provisions of the company’s Memorandum and Articles of Association, the Listing Requirements of Bursa Malaysia Securities Berhad and any other applicable laws, rules, regulations and guidelines for the time being in force. None of the directors, substantial shareholders of the company and/or persons connected to them has any direct or indirect interest in the share repurchase program or resale of treasury shares, if any. The directors of the company are authorized to take all such steps as they may consider expedient or necessary to implement and give effect to the repurchase program. The Board of Directors considers that the repurchase program is in the best interest of the company and the shareholders. The share repurchase program shall be valid until the earliest of the conclusion of the next Annual General Meeting of the company following the general meeting, at which such resolution was passed, at which time it will lapse, unless by an ordinary resolution passed at that meeting, the authority is renewed, either unconditionally or subject to conditions or the expiration of the period within which the next Annual General Meeting of the company after that date is required by law to be held or revoked or varied by ordinary resolution passed by the shareholders of the company in a General Meeting.