ENN ENERGY (02688) plans to use no more than HK$300 million to instruct trustees to continue purchasing shares on the open market.

ENN ENERGY (02688) announced that the Board of Directors has approved the company to utilize up to one billion US dollars equivalent in Hong Kong dollars for the purchase of ordinary shares listed on the main board of the Hong Kong Stock Exchange as part of the share incentive plan adopted by the company on November 30, 2018. The shares purchased for the incentive plan will be held by a trust in accordance with the rules of the share incentive plan and the terms of the trust agreement, and will be used to satisfy any incentive shares granted by the Board of Directors under the share incentive plan. As of the date of this announcement, the trust has completed the purchase of the incentive shares. The trust currently holds a total of 16.5846 million shares, equivalent to approximately 1.47% of the company's issued shares. In order to further expand the scope of employee incentives, the Board of Directors announced that the company will use up to 300 million Hong Kong dollars to instruct the trust to continue purchasing shares on the public market (new incentive share purchase) to motivate more outstanding employees to maintain excellent performance in the ongoing operations and development of the company and its subsidiaries, while also attracting suitable talent for the further development of the group. On the same day, the Board of Directors announced that the company intends to utilize another up to 300 million Hong Kong dollars to repurchase shares on the public market. The share repurchase plan will be carried out in accordance with the repurchase authorization granted to the Board of Directors at the Company's annual general meeting to be held on May 31, 2024, and will comply with the company's articles of association, the rules and regulations of the Hong Kong Stock Exchange, the Takeovers Code, and all applicable laws and regulations. The repurchased shares, if any, will be subsequently cancelled. The new incentive share purchase and share repurchase plans are based on the confidence of the company's management team in the group, as well as the current operational growth prospects and financial condition of the company. The company currently has a strong financial position, and the funds required for the new incentive share purchase and share repurchase plans will be paid for with the group's existing available cash.