MECOM Power and Construction Limited commences an Equity Buyback for 266,408,595 shares, representing 10% of its issued share capital, under the authorization approved on May 30, 2023.

MECOM Power and Construction Limited (SEHK:1183) commences share repurchases on September 18, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 30, 2023. As per the mandate, the company is authorized to repurchase up to 266,408,595 shares, representing 10% of its issued share capital. The repurchases will result in an increase in the net asset value and/or earnings per share.

The repurchase program will be funded out of funds legally available for the purpose in accordance with the Memorandum and Articles of Association, and any other applicable laws of Cayman Islands. The repurchased shares will be cancelled. 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 at May 30, 2023, the company has 2,664,085,950 shares in issue.