Sembcorp Marine Ltd commences an Equity Buyback for 627,781,983 shares, representing 2% of its issued share capital, under the authorization granted on April 20, 2022.

Sembcorp Marine Ltd (SGX:S51) commences share repurchases on June 15, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 20, 2022. As per the mandate, the company is authorized to repurchase up to 627,781,983 shares, representing 2% of its issued share capital. In case of on market repurchases and off-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.

The shares purchased will be cancelled or held as treasury shares. The repurchase program will be funded from internal and/or external sources of funds. 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.