UIE PLC commences an Equity Buyback Plan for 5% of its issued share capital, under the authorization approved on May 19, 2020.
March 08, 2021 at 09:25 am EST
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United International Enterprises Limited (CPSE:UIE) commences share repurchases on March 3, 2021, under the program mandated by the shareholders in the Annual General Meeting held on May 19, 2020. As per the mandate, the company is authorized to repurchase up to 5% of its issued share capital. The purchase price must not deviate more than 10% from the price quoted on NASDAQ OMX Copenhagen A/S at the time of acquisition. The repurchased shares will be held in treasury. The program will run till May 19, 2025. As of March 2, 2020, the company had 3,372,769 issued shares.
On March 2, 2021, the company initiated two parallel share buy-back programs, a Safe Harbour program and a Block trade program. The total number of shares to be bought including the shares bought under the ‘Safe Harbour’ program may not exceed 4% of the share capital, under which the company will purchase a maximum of 130,000 shares, representing 3.85% of outstanding shares. The maximum amount to be invested by UIE under the Safe Harbour program is DKK 210 million. The purpose of the program is to reduce the share capital of the company. The program will run in the period from March 3, 2021 and will end no later than December 31, 2022.
On June 15, 2021, the company announced that it has completed its share buy-back program, under the program the company has completed the repurchase of 130,000 shares for a total consideration of DKK 215.3 million.
UIE PLC is a Malta-based holding company that is engaged in investing in the agro-industrial sector as well as industrial and technology businesses. The Companyâs investment portfolio comprises three entities: United Plantations Berhad (UP), Schorling AB (Schorling) and Greenbridge Investment Limited Partnership (Greenbridge). UP is a plantation company with agricultural investments in Malaysia and Indonesia where it is involved in the cultivation of oil palms and coconuts and processing of palm oil into palm fractions for the specialty fats and chocolate industry. Schorling is a holding company that focuses on long-term industrial development. Greenbridge is an investment company focusing on technology businesses. The purpose of Greenbridge is to invest in and maintain an industrial focus on high-tech and/or software-related companies.