Coastal Contracts Bhd (KLSE:COASTAL) commences share repurchases on June 14, 2021, under the program mandated by the shareholders in the Annual General Meeting held on March 18, 2021. As per the mandate, the company is authorized to repurchase its own shares, such that the company’s holding in treasury does not exceed 10% of its issued share capital at any point of time. The shares will be purchased at a price which is not more that 15% above the weighted average market price of the company’s shares for the five market days immediately prior to the date of the purchase. The repurchases will be funded through internally generated funds and/or bank borrowings. The repurchased shares will be cancelled or retained in treasury for distributing the shares as dividend to the shareholders or resold on Bursa Securities or retain part of the purchased shares as treasury shares and cancel the remainder. 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.