The shareholders of Elec & Eltek International Co. Ltd. (SGX:E16) authorized a share repurchase program at the Annual General Meeting on April 22, 2013. Under the program, the company will repurchase up to 18,691,996 shares, representing 10% of the issued ordinary share capital. The repurchases will be pursuant to sections 76C and 76E of the Companies Act. The repurchases will made on market repurchases on the SGX-ST and/or The Stock Exchange of Hong Kong Limited (the ... “HKSE”), through the ready markets, through one or more duly licensed stock brokers appointed by the Company for such purpose or through off-market purchase affected in accordance with any equal access scheme. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST or the HKSE were recorded before the day on which such purchase is made. While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 120% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST or the HKSE were recorded immediately preceding the date of offer by the company. The share buyback program shall expire at the earliest of the date on which the next Annual General Meeting of the company is held or is required to be held, the date on which the share buy-backs are carried out to the full extent mandated or the date on which the authority contained in the share repurchase mandate is varied or revoked. As of April 22, 2013, the company had 186,919,962 shares in issue.
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