City Developments Limited (SGX:C09) commences share repurchases on March 8, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 26, 2023. As per the mandate, the company is authorized to repurchase up to 90,690,133 shares, representing 10% of its issued share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% 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 120% 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 company intends to use internal sources of funds to finance the acquisition of shares. The shares repurchased may be held as treasury shares or cancelled.

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.