Glorious Sun Enterprises Limited commences an Equity Buyback Plan for 152,798,400 shares, representing 10% of its issued share capital, under the authorization approved on May 24, 2022.

Glorious Sun Enterprises Limited (SEHK:393) commences share repurchases on June 13, 2022, under the program mandated by the shareholders in the Annual General Meeting held on May 24, 2022. As per the mandate, the company is authorized to repurchase up to 152,798,400 shares, representing 10% of its issued share capital. The purpose for the buyback is to enhance the net asset value (NAV) per share and/or earnings per share (EPS).

Repurchases will be funded out of funds which are legally available for the purpose in accordance with the company's constitutive documents and Bermuda law, being capital paid up on the purchased shares or out of the funds of the company otherwise available for dividend or distribution or out of the proceeds of a fresh issue of shares made for the purpose. The authority shall expire at the earliest of the next Annual general Meeting (AGM), the date on which the next AGM is required to be held or the date on which the authority is varied or revoked in a General Meeting. As on May 24, 2022, the company had 1,527,984,000 shares in issue.