Shougang Century Holdings Limited (SEHK:103) commences share repurchases on September 23, 2022, under the program mandated by the shareholders in the Annual General Meeting held on June 27, 2022. As per the mandate, the company is authorized to repurchase up to 197,137,982 shares, representing 10% of its issued share capital. The repurchases will result in an increase in the net asset value and/or earnings/loss per share.
The repurchase program will be funded out of funds legally available for the purpose in accordance with Articles of Association and the applicable laws of Hong Kong and the company's internal resources or existing banking facilities. 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 varied or revoked in a General Meeting. As of June 27, 2022, the company had 1,971,379,828 shares in issue.