Lee Swee Kiat Group Berhad (KLSE:LEESK) commences share repurchases on January 24, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 29, 2023. As per the mandate, the company is authorized to repurchase its own shares, such that the company?s holding in treasury does not exceed 10% of its issued share capital. The maximum funds to be allocated for the purpose of purchasing the shares shall not exceed the aggregate of the retained profits and the company may use internally generated funds and/or bank borrowings to finance the repurchases.

The shares repurchased will be cancelled or retained as treasury shares or distributed as share dividends to the company?s shareholders, or resold, or transferred for the purposes of or under an employees? share scheme, or transferred as purchase consideration or shall be used for such other purposes as the Minister charged with the responsibility for companies may by order prescribe. The authority shall expire at 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.