Seatrium Limited commences an Equity Buyback Plan for 68,217,075 shares, representing 2% of its issued share capital, under the authorization granted on April 26, 2024.
June 04, 2024 at 07:00 am EDT
Share
Seatrium Limited (SGX:S51) commences share repurchases on June 4, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 26, 2024. As per the mandate, the company is authorized to repurchase up to 68,217,075 shares, representing 2% of its issued share capital. In case of on market repurchases 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 is made. The shares purchased will be deemed cancelled immediately on purchase unless such shares are being held by the company as treasury shares. The repurchase program will be funded from internal and/or external sources of funds. 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.
On April 29, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to SGD 100 million worth of its shares. The program will be funded out of existing cash and shares repurchased will be held as treasury shares which will in turn be deployed for the group?s existing employee share plans, used to pay the share component of the directors? fees, or cancelled against the group?s share capital to increase shareholder returns.
Seatrium Limited is a Singapore-based company that provides engineering solutions to the global offshore, marine and energy industries. Its segments include Rigs and floaters, Repairs and upgrades, Offshore platforms and Specialised shipbuilding; Ship chartering, and Others. The Company's solutions include oil and gas newbuilds and conversion, offshore renewables and new energies, specialised shipbuilding, repairs and upgrades, and technology and new product development. It offers globally integrated design and construction of rigs and production turnkey services. It provides turnkey engineering, procurement, construction, transportation, installation, offshore hook-up, commissioning and brownfield services. The Company provides offshore windfarm fixed platforms, which include high voltage direct current (HVDC) converter stations and wind turbine foundations. Its specialized vessels and solutions include ferry and cruise vessels, and renewable energy support vessels, among others.
Seatrium Limited commences an Equity Buyback Plan for 68,217,075 shares, representing 2% of its issued share capital, under the authorization granted on April 26, 2024.
SEATRIUM LIMITED 
