Lee & Man Paper Manufacturing Limited (SEHK:2314) commences share repurchases on December 14, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 9, 2023. As per the mandate, the company is authorized to repurchase up to 430,956,500 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value and/or earnings per share for the company.

The repurchases will be funded out of funds of the Company legally available for the purposes in accordance with the Company?s memorandum of association and Articles and the applicable laws of the Cayman Islands. 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 May 9, 2023, the company had 4,309,565,000 shares in issue.