BINHAI INV (02886) plans to use up to 20 million Hong Kong dollars to conduct a proposed share buyback.

BINHAI INV (02886) announced that the company intends to exercise the power granted to the board of directors under the general mandate approved at the annual general meeting of shareholders held on May 10, 2024, to repurchase up to 135 million shares of the company's common stock, representing 10% of the total issued shares on the day of the annual general meeting (proposed share buyback). This authorization will expire on the earliest of the following events: the end of the next annual general meeting of shareholders; the expiration of the period prescribed in Bermuda laws, regulations, or the company's articles of association for holding the next annual general meeting of shareholders; or the date when shareholders withdraw or revise the ordinary resolution approving the share buyback that was passed at a shareholders' meeting. The board of directors will repurchase shares on the open market from time to time, using up to HK$200 million for the proposed share buyback. The company intends to allocate funds from its own financial resources for the proposed share buyback. The company will not repurchase shares that would have a significant adverse impact on its working capital. The board of directors will decide whether the repurchased shares under the proposed share buyback will be cancelled or held as treasury shares based on market conditions at the time of repurchase and the group's capital management needs. The board of directors believes that the current trading price of the shares is below their intrinsic value and may not fully reflect the company's business prospects. They believe that implementing the proposed share buyback will demonstrate the company's confidence in its business outlook and prospects and ultimately benefit the company and create value for its shareholders.