EcoFirst Consolidated Bhd (KLSE:ECOFIRS) commences share repurchases on January 16, 2024, under the program mandated by the shareholders in the Annual General Meeting held on October 26, 2023. As per the mandate, the company is authorized to repurchase its own shares such that it?s holding of own shares at any time does not exceed 10% of its total issued and paid-up share capital. The shares will be purchased at a price not more than 15% above the weighted average market price of ordinary shares for the five market days immediately before the purchase.

The repurchased shares will be cancelled or held as treasury shares and/or resold in the market and/or distributed as dividend. The repurchases will be funded through internally generated funds and/or bank borrowings, the proportion of which will depend on the quantum of purchase consideration as well as the availability of any internally generated funds and borrowings. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is carried out to the full extent, unless varied or revoked in a General Meeting.