Zhongyu Energy Holdings Limited commences an Equity Buyback Plan for 282,975,315 shares, representing 10% of its issued share capital, under the authorization approved on June 2, 2023.

Zhongyu Energy Holdings Limited (SEHK:3633) commences share repurchases on October 24, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 2, 2023. As per the mandate, the company is authorized to repurchase up to 282,975,315 shares, representing 10% of its issued share capital. Any repurchase will be made out of funds which are legally available for the purpose in accordance with the memorandum and articles of association of the Company, the Listing Rules and the applicable laws of the Cayman Islands.

The repurchase program will lead to an enhancement of the earnings per share in the company. 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 June 2, 2023, the company had 2,829,753,157 shares in issue.