On May 29, 2015, the Extraordinary General Meeting of Shareholders approved a share buyback program of as many as 10% of the Company’s total paid-up capital or a maximum of 270,362,000 shares with a total allocated fund of USD32.6 million.
The buyback program was to be conducted for a period of 18 months, from June 1, 2015 until November 30, 2016. During that period, the Company had bought back 63,128,300 shares or 2.33% of its total paid-up capital.
Through an Extraordinary General Meeting of Shareholders on December 9, 2016, the Company received the shareholders’ approval to conduct a second buyback program for as many as 207,233,700 shares or 7.67% of the Company’s total paid-up capital. The total fund allocated for the buyback was USD27 million.
The duration for this second buyback period is 18 months, from December 13, 2016 until June 12, 2018.