New Times Energy Corporation Limited commences an Equity Buyback for 875,888,099 shares, representing 10% of its issued share capital, under the authorization approved on June 23, 2022.

New Times Energy Corporation Limited (SEHK:166) commences share repurchases on March 29, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 23, 2022. As per the mandate, the company is authorized to repurchase up to 875,888,099 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 Bye-laws of the company, the Listing Rules, the laws of Bermuda and any other applicable laws. 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 June 23, 2022, the company has 8,758,880,988 shares in issue.