GLOBAL BIO-CHEM (00809) commences share repurchase program in accordance with the mandate granted

GLOBAL BIO-CHEM (00809) announces that the company has begun exercising the power granted by the resolution passed at the special general meeting of shareholders held on October 25, 2024, to the board of directors under the general mandate to repurchase company shares of up to 10% of the total number of shares issued on the date of the special general meeting. Given the current market conditions, the board of directors has decided to utilize the share repurchase authorization to repurchase up to 891 million shares, which is 10% of the total number of shares issued on the date of the special general meeting (Share Repurchase Plan). The Share Repurchase Plan is carried out in accordance with the share repurchase authorization and will remain valid until the expiry of the current share repurchase authorization at the next annual general meeting of shareholders to be held by the company in 2025; or when the term for holding the next annual general meeting of shareholders as required by the company's articles of association, the Companies Law (Chapter 22) of the Laws of the Cayman Islands (1961, consolidated and revised) or any other applicable laws of the Cayman Islands expires; or when the authorization granted to the directors by the shareholders at a general meeting is revoked or amended by ordinary resolution of the shareholders. As of the date of this announcement, a total of 2,336,000 shares have been repurchased under the share repurchase authorization, and are currently held as treasury shares. The company intends to fund the share repurchase plan with the existing cash resources of the group. The company will not repurchase shares that would have a significant adverse impact on the company's financial position. The board of directors has decided that the shares repurchased under the share repurchase plan will be cancelled or held by the company as treasury shares, depending on market conditions at the time of repurchase and the capital management needs of the group.