Yangzijiang Financial Holding has allocated $200 million for its share buy-back programme, following mandate given by shareholders.
At an EGM held on June 8, 99.81% of the shareholders’ votes were in favour of the mandate.
“The purpose of the programme is to increase Shareholders’ value and improve the return of equity of the group,” the company says.
Besides share buybacks, the company’s directors, including CEO Vincent Toe (picture) had made open market purchases of the company’s shares.
YFH shares closed at 53 cents on June 8, after having recovered somewhat from the all-time-low of 39 cents on May 19. It is still a significant gap off its NTA of $1.08 per share.
The company started trading at 69.5 cents on April 28.
