Vibrant Group Limited (SGX:BIP) commences share repurchases on March 22, 2024, under the program mandated by the shareholders in the Annual General Meeting held on August 29, 2023. As per the mandate, the company is authorized to repurchase up to 68,870,792 shares, representing 10% of the issued ordinary share capital. In case of on market repurchases, the price per share shall not be more than 5% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made.

While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 10% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded immediately preceding the date of offer by the company. The repurchased shares will be cancelled, unless held as treasury shares. The shares will be repurchased out of company?s internal sources of funds, external borrowings or a combination of both.

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. As of July 26, 2023, the company had 697,951,877 issued shares including 9,243,960 treasury shares.