SINGAPORE – Venture Corporation said on Nov 30 that its board of directors has established a share buyback plan to purchase up to 10 million ordinary shares of the company.
This plan was authorised by the board on Nov 29, following the approval of Venture’s shareholders of the share purchase mandate at the annual general meeting on April 27, the company said in a bourse filing.
Under the mandate, the company can buy up to about 14.5 million shares, which translates to 5 per cent of the total number of issued shares of the company as at the date of the mandate.
Venture’s board said that the purchase of its shares, under the share buyback plan, will be made only in circumstances where it is considered to be in the best interests of the company.
Purchases or acquisitions of shares will not be made in circumstances which would have or may have a material adverse effect on the financial position of the group, or affect the listing status of the company on the Singapore Exchange, the company added.
Shares of Venture lost 1.4 per cent, or $0.18, on Nov 30 to close at $12.53. THE BUSINESS TIMES