CSI Properties Limited (SEHK:497) commences share repurchases on August 23, 2023, under the program mandated by the shareholders in the Annual General Meeting held on August 23, 2023. As per the mandate, the company is authorized to repurchase up to 936,893,968 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value and/or earnings per share for the company.
The repurchases will be financed out of funds legally available for such purpose in accordance with the applicable laws of Bermuda and the memorandum of association of the Company and the Bye-laws. 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 of August 23, 2023, the company had 9,368,939,676 in issue.