Goodland Group Limited commences an Equity Buyback Plan for 36,001,992 shares, representing 10% of its issued share capital, under the authorization approved on January 27, 2021.
June 01, 2021 at 07:01 am EDT
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Goodland Group Limited (SGX:5PC) commences share repurchases on June 1, 2021, under the program mandated by the shareholders in the Annual General Meeting held on January 27, 2021. As per the mandate, the company is authorized to repurchase up to 36,001,992 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 115% 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 company intends to use internal sources of funds or a combination of internal resources and external borrowings to finance the purchase of shares. The repurchased shares will be cancelled or held in treasury. 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.
Goodland Group Limited is a Singapore-based investment holding company. The Company is primarily involved in real estate development, other holding and commercial and industrial real estate management and general building contractors. Its segments include Property Development, Construction, Property Investment and Others. The Property Development segment is engaged in developing properties for sale. The Construction segment is engaged in constructing residential and commercial properties. The Property Investment segment is engaged in investing in properties to earn rentals and for capital appreciation. Others comprise mainly corporate office functions and investment in shares. Its portfolio includes Coastline Residences, The Vetro, Goodland Group Building, Citrine Foodland, The Aristo @ Amber, One Meyer, Goodland Building, The Citron, Vibes @ East Coast, The Citron Residences, Royce Residences, The Bently Residences, One Robey, Mayflower Lane, Dunsfold Drive, and Cardiff Grove.
Goodland Group Limited commences an Equity Buyback Plan for 36,001,992 shares, representing 10% of its issued share capital, under the authorization approved on January 27, 2021.