United Overseas Bank Limited commences an Equity Buyback Plan for 83,744,151 shares, representing 10% of its issued share capital, under the authorization approved on April 30, 2021.

United Overseas Bank Limited (SGX:U11) commences share repurchases on August 23, 2021, under the program mandated by the shareholders in the Annual General Meeting held on April 30, 2021. As per the mandate, the company is authorized to repurchase up to 83,744,151 shares, representing 5% of its issued share capital. In case of both on and off 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 or offer is made. The company intends to use its internal sources of funds or borrowings or a combination of both to finance its purchase or acquisition of its shares. The repurchased shares will be cancelled and/or kept as treasury 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.