Hap Seng Consolidated Berhad (KLSE:HAPSENG) commences share repurchases on June 4, 2018 under the program mandated by the shareholders in the Annual General Meeting held on May 30, 2018. As per the mandate, the company is authorized to repurchase own shares, such that the company’s holding in treasury does not exceed 10% of its issued share capital. The purpose of the repurchase program is to stabilize the supply and demand of shares traded. The shares repurchased will be canceled, or retained in treasury. The repurchases will be funded through internally generated funds and/or external borrowings. The share repurchase program shall be valid until the earliest of the conclusion of the next Annual General Meeting, or the expiration of the period within which the next Annual General Meeting of the company is required by the bye-laws of company to be held or the passing of an ordinary resolution by the shareholders of the company in General Meeting revoking or varying the authority given to the directors of the company. As of March 31, 2017, the company had 2,489,681,583 shares in issue and 2,000 shares in treasury.