The Hour Glass Limited commences an Equity Buyback Plan for 70,398,188 shares, representing 10% of its issued share capital, under the authorization approved on August 28, 2020.
June 16, 2021 at 08:24 pm EDT
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The Hour Glass Limited (SGX:AGS) commences share repurchases on June 17, 2021, under the program mandated by the shareholders in the Annual General Meeting held on August 28, 2020. As per the mandate, the company is authorized to repurchase up to 70,398,188 shares, representing 10% of the issued ordinary share capital. In case of on 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. While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 110% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded immediately preceding the date of offer by the company. The repurchased shares will be cancelled or kept as treasury shares. The company intends to use its internal sources of funds, external borrowings, or a combination of internal resources and external borrowings, to finance its purchase or acquisition of its shares. 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.
The Hour Glass Limited is a Singapore-based watch retailer. The principal activities of the Company and its subsidiaries are those of retailing and distribution of watches, jewelry and other luxury products, investment in properties and investment holding. The Companyâs geographic segments include South East Asia & Oceania and North East Asia. The Company is a retailer for a curated selection of specialty houses and artisanal watchmakers, including Rolex, Patek Philippe, Audemars Piguet, Hublot, F.P.Journe, Breguet, Cartier, Girard- , Omega, Panerai, TAG Heuer, Tudor and the likes. It has over 52 boutiques operating across 13 cities in the Asia Pacific. Its subsidiaries include Dynasty Watch Pte Ltd, Glajz-THG Pte Ltd, The Hour Glass Sdn Bhd, The Hour Glass (HK) Limited, The Hour Glass (Australia) Pty Ltd, The Hour Glass Japan Ltd, Watches of Switzerland Pte Ltd, The Hour Glass (NZ) Limited, The Hour Glass (Taiwan) Limited Company and more.
The Hour Glass Limited commences an Equity Buyback Plan for 70,398,188 shares, representing 10% of its issued share capital, under the authorization approved on August 28, 2020.