SINOPEC Engineering Co., Ltd. commences an Equity Buyback Plan for 442,800,000 shares, representing 10% of its issued share capital, under the authorization approved on May 26, 2023.
October 19, 2023 at 07:51 am EDT
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SINOPEC Engineering (Group) Co., Ltd. (SEHK:2386) commences share repurchases on October 19, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 26, 2023. As per the mandate, the company is authorized to repurchase up to 442,800,000 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company.
The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of PRC. 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 or 12 months after passing the resolution. As of May 26, 2023, the company had 4,428,000,000 shares in issue.
Sinopec Engineering Group Co Ltd is a China-based company mainly engaged in the engineering, procurement and construction contracting (EPC) business. The Company operates four segments. Engineering, Consulting and Licensing segment provides design, consulting, research and development, feasibility studies, compliance certification services to oil refining and chemical industries. EPC Contracting segment provides integrated engineering, procurement, construction, maintenance and project management services to oil refining and chemical industries. Construction segment provides infrastructure for oil refining and chemical industries, oil and gas storage, pipelines transportation, construction, renovation, expansion, repair and maintenance services and large equipment lifting and transportation services in construction projects. Equipment Manufacturing segment engages in the design, development, manufacture and sales of equipment and spare parts for oil refining and chemical facilities.
SINOPEC Engineering Co., Ltd. commences an Equity Buyback Plan for 442,800,000 shares, representing 10% of its issued share capital, under the authorization approved on May 26, 2023.