S-Enjoy Service Group Co., Limited commences an Equity Buyback Plan for 82,000,000 shares, representing 10% of its issued share capital, under the authorization approved on May 20, 2019.
July 08, 2019 at 10:35 am EDT
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S-Enjoy Service Group Co., Limited (SEHK:1755) commences share repurchases on July 8, 2019 under the program mandated by the shareholders in the Annual General Meeting held on May 20, 2019. As per the mandate, the company is authorized to repurchase up to 82,000,000 shares, representing 10% of its issued share capital. The purpose for the buyback is to enhance the net asset value (NAV) per share and/or earnings per share (EPS). The repurchases will be funded out of funds, which are legally available for such purpose in accordance with the Memorandum and Articles, the laws of the Cayman Islands and other applicable laws, as the case may be, and will be financed by the company’s internal resources. The authority shall expire at the earliest of the next Annual general Meeting (AGM), the date on which the next AGM is required to be held or the date on which the authority is varied or revoked in a General Meeting. As on May 20, 2019, the company had 820,000,000 shares in issue.
S-Enjoy Service Group Co Ltd, formerly Xinchengyue Holdings Ltd, is a China-based investment holding company that provides property management services and value-added services together with its subsidiaries. Its property management services include property and equipment maintenance, security services, cleaning services, gardening services, common area maintenance and other property management related services. Community value-added services mainly provide public resource management services, facilities and equipment services, decoration services, asset management services and catering services. Smart park services mainly provide smart solutions, covering residential, office buildings and complexes. Developer value-added services mainly provide field sales assistance services, consulting services and house inspection services.
S-Enjoy Service Group Co., Limited commences an Equity Buyback Plan for 82,000,000 shares, representing 10% of its issued share capital, under the authorization approved on May 20, 2019.