Kingmaker Footwear Holdings Limited (SEHK:1170) commences share repurchases on January 22, 2019, under the program mandated by the shareholders in the Annual General Meeting held on August 22, 2018. As per the mandate, the company is authorized to repurchase up to 69,350,145 shares, representing 10% of its issued share capital. The repurchases will result in an increase in the net asset value and/or earnings per share. The repurchase program will be funded out of funds legally available for the purpose in accordance with the Memorandum of Association and Bye-laws, and any other applicable laws of Bermuda. The repurchased shares will be cancelled. 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. As at August 22, 2018, the company had 693,501,445 shares in issue.