HRnetGroup Limited commences an Equity Buyback Plan for 101,140,687 shares, representing 10% of its issued share capital, under the authorization approved on April 27, 2018.
May 10, 2018 at 11:49 am EDT
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HRnetGroup Limited (SGX:CHZ) commences share repurchases on May 10, 2018, under the program mandated by the shareholders in the Annual General Meeting held on April 27, 2018. As per the mandate, the company is authorized to repurchase up to 101,140,687 shares, representing 10% of its issued ordinary share capital, such that its holding in treasury shall not exceed 10% of the issued share capital. The maximum price in the case of an on-market purchase will be 105% of the average closing price and in the case of an off-market purchase at 120% of the average closing price. The repurchased shares will be held in treasury. The repurchase program will be funded from company’s distributable profits, internal sources of funds, external borrowings or a combination of both. The share buyback program shall expire at the earliest of the date on which the next Annual General Meeting of the company is held or is required by law to be held or the date on which the share buy-backs are carried out to the full extent mandated or the date on which the authority contained in the share buyback mandate is varied or revoked.
HRnetGroup Limited is a Singapore-based investment holding company. It is a recruitment and staffing Company in Asia. The Company operates in three segments: Professional recruitment, Flexible staffing, and Others. It provides professional recruitment services primarily under its HRnetOne, PeopleSearch, PeopleFirst and SearchAsia brands and staffing solutions under its RecruitExpress and RecruitFirst brands. The Company sources, recommends, and hire the contractors on its payroll on a back-to-back basis. It provides recruitment process outsourcing (RPO) services, including workplace analysis and planning, contract negotiation, customized recruitment process and assessment, onboarding and offboarding, recruitment marketing programs, employee liaison and management, interviews, recommendations, and selection, and payroll services. It has 13 brands, 40 Business Units across 15 Asian cities and over 900 consultants. Its subsidiaries include HRnet One Pte Ltd and Recruit Express Pte Ltd.
HRnetGroup Limited commences an Equity Buyback Plan for 101,140,687 shares, representing 10% of its issued share capital, under the authorization approved on April 27, 2018.