Aspial Corporation Limited commences an Equity Buyback for 114,398,114 shares, representing 10% of its issued share capital, under the authorization approved on April 29, 2022.

Aspial Corporation Limited (SGX:A30) commences share repurchases on October 5, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 29, 2022. As per the mandate, the company is authorized to repurchase up to 114,398,114 shares, representing 10% of the issued ordinary share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 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 and and, in the case of an Off-Market Purchase, immediately preceding the date of offer by the company, as the case may be, and deemed to be adjusted for any corporate action that occurs during the relevant 5 day period and the day on which the purchase are made.

The repurchased shares will be cancelled, unless held as treasury shares. The company intends to use internal sources of funds or bank borrowings and/or a combination of both to finance purchases of shares. 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.