Glomac Berhad (KLSE:GLOMAC) commences share repurchases on July 6, 2022, under the program mandated by the shareholders in the Annual General Meeting held on October 27, 2021. 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 maximum fund to be allocated by the company for the purpose of purchasing the shares shall not exceed the aggregate of the retained profits.

The repurchases will be financed out of the internally generated funds and/or external borrowings. The shares repurchased will be cancelled or retained as treasury shares or distributed as share dividends to the company's shareholders, or resold on the market of Bursa Securities, or transferred for the purposes of an employees' share scheme and/or transferred as purchase consideration, and/or dealt with in any other manner as prescribed by the applicable rules. 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 varied or revoked in a General Meeting.