Mobvista Inc. commences an Equity Buyback Plan for 160,668,500 shares, representing 10% of its issued share capital, under the authorization approved on June 8, 2021.
December 07, 2021 at 07:02 am EST
Share
Mobvista Inc. (SEHK:1860) commences share repurchases on December 7, 2021, under the program mandated by the shareholders in the Annual General Meeting held on June 8, 2021. As per the mandate, the company is authorized to repurchase up to 160,668,500 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 repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of 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 June 8, 2021, the company had 1,606,685,000 shares in issue.
On December 6, 2021, the company announced a share repurchase program. Under the program, the company will repurchase up to HKD 150 million worth of shares, under the Share Repurchase Mandate. The purpose of the program is to create value to the Shareholders. The program will be funded from current financial resources of the Company.
Mobvista Inc., through its subsidiaries, is primarily engaged in providing mobile advertising services. The Company is also engaged in game publishing business, including exclusive publishing and co-publishing businesses, as well as interest income business. The Company's products consist of Mintegral, GameAnalytics, Nativex, Mindworks Production, Playturbo Automation, and XMP Cross-channel Marketing Management. Mintegral is a mobile ad platform that helps in boosting the customer's mobile success through full-stack programmatic productsand services from supply-side to demand-side. These include an SSP, monetization platform, ad exchange, DSP, self-service advertiser platform, DMP, and an automation platform powered by Mindworks. GameAnalytics is an analytics platform specifically built for the gaming industry. Nativex is a digital marketing agency. Nativex offers all the integrated tools needed for marketers and create an impact on their audiences.
Mobvista Inc. commences an Equity Buyback Plan for 160,668,500 shares, representing 10% of its issued share capital, under the authorization approved on June 8, 2021.