Zhitong Financial News, Angelalign (06699) announced that the company has noticed abnormal changes in the recent ** and trading volume of the company's shares on the Hong Kong Stock Exchange. Having made reasonable enquiries in respect of the Company, the Company confirms that it is not aware of any reason for the changes and is not aware of any inside information that is required to be disclosed under Part XIVA of the ** and ** Ordinance (Cap. 571 of the Laws of Hong Kong). The Company also confirms that the Group's business operations are normal and that there have been no material changes in the Group's business operations and financial condition; The Group continues to develop its business in more than 30 countries around the world, with the European market becoming one of the Group's fastest-growing overseas markets. and the Group's acquired Aditek plant in Brazil as an overseas production base.
Previously, the Board of Directors had announced its intention to exercise its powers under the Repurchase Mandate to repurchase Shares in the open market from 4 July 2023 until the close of the Company's next annual general meeting. The share repurchase programme proposes to use up to HK$100 million as the buyback fund.
The Board hereby announces that it has resolved to expand the proposed funds set aside for the share repurchase programme from HK$100 million to HK$200 million, which will be disbursed from its existing available cash.
As of the date of this announcement, since July 4, 2023, the company has used about HK$39 million to purchase a total of 64360,000 shares and the remaining number of shares available for repurchase under the repurchase authority is approximately 1,633050,000 shares. The expansion of the share repurchase program will result in an unutilised amount set aside for further repurchases of approximately 1HK$6.1 billion.
The Board is of the view that the expansion of the share repurchase programme further reflects the confidence of the Company's directors and senior management in the long-term growth and market performance of the Company, and that the expansion of the share repurchase programme is in the best interests of the Company and its shareholders as a whole.