Olam Group Limited (SGX:VC2) commences share repurchases on October 20, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 25, 2022. As per the mandate, the company is authorized to repurchase up to 192,131,259 shares, representing 5% of the issued share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made and in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 120% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded immediately preceding the date of offer by the company.

The shares purchased will be deemed cancelled immediately on purchase unless such shares are being held by the company as treasury shares. The repurchase program will be funded from internal sources of funds or external borrowings or a combination of both. 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.