Sinopec Shanghai Petrochemical Company Limited commences an Equity Buyback Plan for 1,079,928,550 shares, representing 10% of its issued share capital, under the authorization approved on June 28, 2023.

Sinopec Shanghai Petrochemical Company Limited (SEHK:338) commences share repurchases on November 3, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 28, 2023. As per the mandate, the company is authorized to repurchase up to 1,079,928,550 shares, representing 10% of its issued share capital. The purpose of repurchase program is to enhance the net assets and/or its earnings per share.

The repurchases will be made out of the funds legally available for such purpose in accordance with its company?s ordinance and and the applicable laws, rules and regulations of the PRC. 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 June 28, 2023, the company had 10,799,285,500 shares in issue, consisting of 7,328,813,500 A shares and 3,470,472,000 H shares.