Avarga Limited commences an Equity Buyback Plan for 87,666,712 shares, representing 10% of its issued share capital, under the authorization approved on April 27, 2018.
October 04, 2018 at 05:48 am EDT
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Avarga Limited (SGX:U09) commences share repurchases on October 4, 2018, under the program mandated by the shareholders in the Annual General Meeting held on April 27, 2018. As per the mandate, the company is authorized to repurchase up to 87,666,712 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 held as treasury shares and subsequently sold, transferred, cancelled or used for such other purposes as prescribed by the Minister of Finance. The company intends to use internal sources of funds and/ or external borrowings to finance the repurchase program. 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 carried out to the full extent, unless varied or revoked in a General Meeting.
Avarga Limited is a Singapore-based investment holding company. The Company is engaged in the trading of paper products, investment holding and providing management services. Its business segments include Paper Mill, Power Plant, Building Products and Others. The Paper Mill segment manufactures and sells industrial grade paper products, and collect and trades in wastepaper products. The Power Plant segment operates a 50 megawatt (MW) gas-fired generating plant in Yangon, Myanmar. The Building Products segment is engaged in the wholesale distribution of building products in Canada, United States and overseas. The Company operates in approximately five countries: Singapore, Canada, United States of America, Malaysia and Myanmar. Its subsidiaries include UPP Industries Pte. Ltd., UPP Greentech Pte. Ltd. and Avarga Investment Pte. Ltd.
Avarga Limited commences an Equity Buyback Plan for 87,666,712 shares, representing 10% of its issued share capital, under the authorization approved on April 27, 2018.