Era Co., Ltd. announces an Equity Buyback for 12,727,272 shares, representing 1.04% for CNY 70 million.
February 06, 2024 at 04:00 pm
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Era Co., Ltd. (SZSE:002641) announces a share repurchase program. Under the program, the company will repurchase up to 12,727,272 shares, representing 1.04% of its issued share capital, for CNY 70 million worth of its Class A shares. The shares will be repurchased at a price not more than CNY 5.5 per share.
The repurchases will be funded using the company's own funds. The shares repurchased will be used for equity incentive plan or employee stock ownership plan. The program will be valid for 12 months.
Era Co Ltd, formerly Yonggao Co Ltd, is a China-based company mainly engaged in the manufacture of plastic pipes. The Company operates in three segments. Plastic Pipe segment is mainly engaged in the research and development, production and sales of polyvinyl chloride (PVC), polyethylene (PE) and random copolymer polypropylene (PP-R) plastic pipes. Electrical Switches segment is mainly engaged in the development and production of electrical switches and other home appliances. Solar Energy segment is mainly engaged in the research and development, production and sales of photovoltaic energy-saving products such as solar cell modules and photovoltaic power generation systems. The Company's products are mainly used for water supply, drainage, municipal engineering water supply, drainage and sewage, photovoltaic power generation, smart home and so on.