PAX Global Technology Limited commences an Equity Buyback Plan for 107,981,500 shares, representing 10% of its issued share capital, under the authorization approved on May 19, 2023.

PAX Global Technology Limited (SEHK:327) commences share repurchases on May 22, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 19, 2023. As per the mandate, the company is authorized to repurchase up to 107,981,500 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement in the net asset value of the company and/or earnings per share.

The repurchase will be funded out of funds which are legally available for such purpose in accordance with the memorandum of association of the company, the Bye-laws and the laws and regulations 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 April 12, 2023, the company had 1,079,815,000 shares in issue.