ITC Properties Group Limited announces an Equity Buyback for 95,297,541 shares, representing 10% of its issued share capital, under the authorization approved on September 9, 2022.

ITC Properties Group Limited (SEHK:199) commences share repurchases on September 13, 2022, under the program mandated by the shareholders in the Annual General Meeting held on September 9, 2022. As per the mandate, the company is authorized to repurchase up to 95,297,541 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company.

The repurchase program will be funded out of funds legally available for the purpose in accordance with the Memorandum of Association, the Bye-laws, the Listing Rules, and any other applicable laws of Bermuda. 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 varied or revoked in a General Meeting. As of July 20, 2022, the company had 952,975,410 shares in issue.