IPS Securex Holdings Limited (Catalist:42N) commences share repurchases on August 17, 2017, under the program mandated by the shareholders in the Annual General Meeting held on October 28, 2016. As per the mandate, the company is authorized to repurchase up to 48,600,000 shares, representing 10% of the issued ordinary 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 120% 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. Any purchase or acquisition of shares may be made only if the company is solvent and out of the company’s capital or profits. The share repurchase program shall expire at the earliest of the date on which the next Annual General Meeting of the company is held or is required to be held, 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. As of September 23, 2016, the company had 486,000,000 shares in issue.