Union Petrochemical Public Company Limited announces an Equity Buyback for 123,000,000 shares, representing 9.95% for THB 66 million.
November 13, 2020 at 12:32 am EST
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Union Petrochemical Public Company Limited (SET:UKEM) announces a share repurchase program. Under the program, the company will repurchase up to 123,000,000 shares, representing 2.91% of its issued share capital, for THB 66 million. The repurchase price will not exceed the average closing price of 5 days, prior to each repurchase date plus 15% of such average closing price. The purpose of the program is to maximize benefit from the company’s excess liquidity management, to increase the return on equity (ROE) and the earning per share (EPS). The repurchased shares will be resold. The repurchase program will be valid till May 26, 2021. As of July 10, 2020, the company had 1,236,281,351 shares outstanding.
Union Petrochemical Public Company Limited is a Thailand-based company engaged in the import, export and distribution of chemicals. The Company's segments include Commodity chemicals, Specialty chemicals and Other segments. Its products include Acetone, Butyl Acetate, Butyl Acrylate, Cyclohexanone, DB Solvent, Di Acetone Alcohol, Di Ethylene Glycol, Isopar C Fluid, Isopar E Fluid, Isopar G Fluid, Isopar H Fluid, Exxal 13, ExxonMobil AP03B, ExxonMobil AP3AW, ExxonMobil AP3N, ExxonMobil AXO3BE3, M-500, N-Propyl Acetate, Propylene glycol methyl ether (P.M.), P.M.A. and Propylene Glycol, Sinochem PPL5D98, Sinochem PPL5E89, Solvent 3040, Solvesso 100, Solvesso 150, Solvesso 200, White Spirit 3040, Xylene, YS-H01 and YS-W01. Its products are used as raw materials/components for different finished products, such as baby and adult diapers, garments and textiles, medical devices, face masks, and other industries. Its products are manufactured and distributed under the Venus trademark.