The shareholders of Fraser & Neave Holdings Bhd (KLSE:F&N) authorized a share repurchase program at its Annual General Meeting on January 23, 2013. Under the program, the company will repurchase own shares, such that its holding in treasury does not exceed 10% of its issued share capital. The maximum fund to be allocated by the company for the purpose of purchasing the shares shall not exceed the aggregate of the retained profits and share premium account of the company. ... The repurchases will be in accordance with provisions of the company’s Memorandum and Articles of Association, the Listing Requirements of Bursa Malaysia Securities Berhad for MESDAQ Market and any other applicable laws, rules, regulations and guidelines for the time being in force. Pursuant to Rule 12.18 of the Listing Requirements, the company shall purchase its own shares on Bursa Securities at a price which is not more that 15% above the weighted average market price of the company’s shares for the five market days immediately prior to the date of the purchase. The program will expire at the earliest of the conclusion of the next Annual General Meeting or the expiration of the period within which the next Annual General Meeting is required by the bye-laws of company to be held or the passing of an ordinary resolution by the shareholders in General Meeting revoking or varying the authority given to the Directors by the program.
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