TeleChoice International Limited (SGX:T41) commences share repurchases on September 15, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 27, 2023. As per the mandate, the company is authorized to repurchase up to 45,396,233 shares, representing 10.04% 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 110% 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 repurchased shares may be cancelled, unless held as treasury shares. The buyback will be funded out of internal resources, external borrowings, or a combination of both.

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. As of March 8, 2023, the company had 452,298,935 outstanding shares and 2,123,565 treasury shares.