JEP Holdings Ltd. commences an Equity Buyback Plan for 41,394,472 shares, representing 10% of its issued share capital, under the authorization approved on Annual General Meeting.
June 30, 2021 at 09:58 am EDT
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JEP Holdings Ltd. (Catalist:1J4) commences share repurchases on June 30, 2021, under the program mandated by the shareholders in the Annual General Meeting held on April 22, 2021. As per the mandate, the company is authorized to repurchase up to 41,394,472 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 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 offer by the company. The repurchased shares will be cancelled, unless held as treasury shares. The company intends to use internal sources of funds or bank borrowings and/or a combination of both to finance purchases of 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 carried out to the full extent, unless varied or revoked in a General Meeting.
JEP Holdings Ltd. is a Singapore-based investment holding company engaged in the provision of management services to its subsidiaries. The Company is a solution provider of precision machining and engineering services, with a primary focus on the aerospace industry. The Companyâs segments include Precision machining, Trading and others, and Equipment manufacturing. The Precision machining segment is a provider of precision machining services for aerospace, oil and gas, electronics and automotive industries. The Trading and others segment is a provider of machine sales and customized cutting tools for its customers. The Equipment manufacturing segment is a provider of large format precision engineering and equipment fabrication services. Its geographical segments include Singapore, Peopleâs Republic of China, Malaysia, USA, Canada and Others. Its subsidiaries include JEP Precision Engineering Pte Ltd, JEP Industrades Pte Ltd, Dolphin Engineering Pte Ltd, and among others.
JEP Holdings Ltd. commences an Equity Buyback Plan for 41,394,472 shares, representing 10% of its issued share capital, under the authorization approved on Annual General Meeting.