The shareholders of Food Empire Holdings Ltd. (SGX:F03) authorized a share repurchase program at its Extraordinary General Meeting on April 23, 2013. Under the program, the company will repurchase up to 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 or through off-market purchase effected otherwise than on the SGX-ST 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 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 were recorded immediately preceding the date of offer by the company. The program shall expire at the earliest of the date on which the next Annual General Meeting of the company is held or is required by law 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 buyback mandate is varied or revoked.
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