Man Wah Holdings Limited (SEHK:1999) commences share repurchases on July 29, 2021, under the program mandated by the shareholders in the Annual General Meeting held on July 2, 2021. As per the mandate, the company is authorized to repurchase up to 395,992,600 shares, representing 10% of the issued share capital. The purpose of repurchase program is to enhance of the net asset value of the company and its earning per share. The repurchases will be made out of the funds legally available for such purpose in accordance with company's memorandum of association and Bye-Laws and the 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 carried out to the full extent, unless varied or revoked in a General Meeting. As of July 2, 2021, the company had 3,959,926,000 shares in issue.