Coal miner Geo Energy Resources (SGX:RE4
) has purchased 637,500 shares from the open market at an average price of 51.9 cents.
The total consideration amounts to $331,604.78. Geo Energy states that it will be holding the repurchased shares as treasury shares.
At the most recent AGM, Geo Energy has secured the mandate on the renewal of its share purchase mandate from shareholders, where it can purchase back up to 178,037,452 shares, or 10% of the total share issued.
“We remain committed to delivering sustainable long-term value for our shareholders through disciplined capital allocation and consistent execution of our growth strategy,” states Antonny Melati, Geo Energy’s executive chairman and CEO.
Shares of Geo Energy closed flat at 52 cents on July 7. For the past one month, its share price has gained 15.6%.
