UMS Holdings Limited (SGX:558) commences share repurchases on March 19, 2020, under the program mandated by the shareholders in the Extraordinary General Meeting held on April 25, 2019. As per the mandate, the company is authorized to repurchase up to 53,642,957 shares, representing 10% of its issued share capital. In the 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 the 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 over the period of five market days in which transactions in the shares on the SGX-ST were recorded immediately preceding the date of the offer by the company. The company intends to use internal resources and/or external borrowings to finance the purchase of shares. The repurchased shares will be cancelled or held in treasury. 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.