SOCAM Development Limited commences an Equity Buyback Plan for 37,345,216 shares, representing 10% of its issued share capital, under the authorization approved on May 31, 2023.

SOCAM Development Limited (SEHK:983) commences share repurchases on July 11, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 31, 2023. As per the mandate, the company is authorized to repurchase up to 37,345,216 shares, representing 10% of its issued share capital. The purpose for the buyback is to enhance the net asset value per share and/or earnings per share.

The repurchases will be funded from the funds which are legally available for such purpose in accordance with company?s memorandum and bye-laws, the Listing Rules and the applicable laws of Bermuda. 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. As of May 31, 2023, the company had 373,452,164 shares in issue.