CMGE Technology Group Limited commences an Equity Buyback Plan for 275,267,200 shares, representing 10% of its issued share capital, under the authorization approved on June 2, 2023.
April 12, 2024 at 12:37 pm
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CMGE Technology Group Limited (SEHK:302) commences share repurchases on April 12, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 2, 2023. As per the mandate, the company is authorized to repurchase up to 275,267,200 shares, representing 10% of its issued share capital. The repurchases will lead to an enhancement of the net asset value per share and/or earnings per share for the company. The repurchases will be made out of the funds legally available for such purpose in accordance with its memorandum of association and Bye-laws and the applicable laws and regulations of Cayman Islands. 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 varied or revoked in a General Meeting. As of June 2, 2023, the company had 2,752,672,000 shares in issue.
On March 28, 2024, the company announced a share repurchase program. Under the program, the company will repurchase HKD 100 million worth of shares. The company will finance the share repurchase with its existing available cash reserves and free cash flow. The Company will subsequently cancel the repurchased Shares. The repurchases will commences from today and will 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 varied or revoked in a General Meeting.
CMGE Technology Group Limited is an investment holding company mainly engaged in mobile game publishing, game development and investment business. The Company operates three business segments: Game Publishing segment, Game Development segment and Licensing of Intellectual Property (IPs) segment. The Company has IPs reserves relating to well-known cultural products and art works, such as Legend of Sword and Fairy, Xuan Yuan Sword, Monopoly, Stardom and Empire of Angels, for the development and licensing of games. The Company conducts its businesses within the domestic market and to overseas markets.
CMGE Technology Group Limited commences an Equity Buyback Plan for 275,267,200 shares, representing 10% of its issued share capital, under the authorization approved on June 2, 2023.
CMGE TECHNOLOGY GROUP LIMITED 
