Straco Corporation Limited (SGX:S85) commences share repurchases on July 1, 2019, under the program mandated by the shareholders in the Annual General Meeting held on April 26, 2019. As per the mandate, the company is authorized to repurchase up to 86,411,428 shares, representing 10% of the issued ordinary share capital. 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 in case of on market repurchases, while in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 120% of the average closing price. The buyback program will be funded from internal sources of funds comprising cash and fixed deposits or bank borrowings or a combination of both. The repurchased shares will be held in treasury or cancelled. 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.