Health Management International Ltd (SGX:588) commences share repurchases on June 14, 2018 under the program mandated by the shareholders in the Annual General Meeting held on October 30, 2017. As per the mandate, the company is authorized to repurchase up to 10% of its own shares. The shares may be repurchased by way of market purchases on SGX-ST and/or off-market purchases. 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 5 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 110% of the average closing price of the shares. The purpose of the buyback is to return surplus capital to shareholders. The repurchased shares may be held in treasury and/or to transfer the shares as consideration for the acquisition of shares in or assets of another company or assets of a person and/or sold, transferred or otherwise for such other purposes as may be prescribed and/or cancelled. The program will be funded from internal sources and/or from bank borrowings. 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. As on October 2, 2017, the company had 820,862,008 shares in issue and 1,209,600 shares in its treasury.