Hong Fok Corporation Limited (SGX:H30) commences share repurchases on April 27, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 27, 2022. As per the mandate, the company is authorized to repurchase up to 83,676,104 shares, representing 10% of its issued share capital. In case of an On-Market Purchase, the maximum price that will be paid by the company for repurchases will be 5% above 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.

Whereas in the case of an Off-Market Purchase, the maximum price that will be paid by the company for repurchases will be 20% above the average closing price over the period of five market days on which transactions in the Shares were recorded, before the day on which the Company makes an announcement of an offer under the Off-Market Purchase scheme. The company intends to use company's capital or profits to finance the acquisition of shares. The repurchased shares will be sold, transferred, or cancelled or held in treasury.

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.