Shunyu Optical Technology (02382) issued an announcement. The company issued an announcement on April 16, 2024, according to the company's shareholders on 2...
According to the Zhitong Finance App, Shunyu Optical Technology (02382) announced that on April 16, 2024, the company has repurchased a total of 660,000 shares of the company's common shares at the highest, lowest and average prices of HK$37.35, HK$37.10 and HK$37.1831 per share, respectively, according to the repurchase shares granted by the company's shareholders at the annual general meeting held on May 24, 2023.
The total cost of the share repurchase (excluding commissions and other expenses) was approximately HK$24.5409 million, which was disbursed from the company's existing cash reserves and free cash flow.
The announcement stated that share buybacks are in the overall best interests of the company and shareholders. The board of directors believes that the company's current stock price deviates from the company's value until the general mandate expires, and that the company may make further repurchases according to market conditions, subject to the viability of the general authorization. The share buyback reflects the company's recognition of its own value and confidence in the long-term prospects of the industry.