Shandong Mining Machinery Group Co., Ltd commences an Equity Buyback Plan for CNY 56 million worth of its shares, under the authorization approved on October 27, 2021.
November 08, 2021 at 11:00 am EST
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Shandong Mining Machinery Group Co., Ltd (SZSE:002526) commences share repurchases on November 8, 2021, under the program mandated by the shareholders in the Extraordinary General Meeting held on October 27, 2021. As per the mandate, the company is authorized to repurchase up to CNY 56 million worth of shares. The shares will be repurchased at a price of not more than CNY 2.8 per share. The program will be funded out of the company's own funds. The repurchased shares will be used for implementation of equity incentives or employee stock ownership plans. The program will be valid for 12 months from the date of shareholder's approval.
SHANDONG MINING MACHINERY GROUP CO., LTD. is a China-based company principally engaged in the manufacture and sales of coal machinery equipment. The Company's products include scraper conveyors, hydraulic supports, belt conveyors, construction material machines, printing equipment and others. The Company is also engaged in coal sales, online games and Internet businesses, and provides coal mining services. The Company conducts its businesses in domestic and overseas markets.
Shandong Mining Machinery Group Co., Ltd commences an Equity Buyback Plan for CNY 56 million worth of its shares, under the authorization approved on October 27, 2021.
SHANDONG MINING MACHINERY GROUP CO., LTD. 
