Tan Chong Motor Holdings Berhad (KLSE:TCHONG) commences share repurchases on June 2, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 1, 2023. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital, such that the company's holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. 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. The company may cancel all the shares so purchased, retain the shares so purchased in treasury for distribution as dividend to the shareholders and/or resell on the market of Bursa Securities or retain part thereof as treasury shares and cancel the remainder. 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.