Hiap Teck Venture Berhad (KLSE:HIAPTEK) commences share repurchases on January 13, 2017, under the program mandated by the shareholders in the Annual General Meeting held on December 15, 2016. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital, such that the company’s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital. Repurchased shares will be canceled, or retained in treasury, or partially cancelled and retained in treasury, or distributed as dividend to the shareholders or resold on Bursa Securities. The maximum fund to be allocated by the company for the purpose of purchasing the shares shall not exceed the aggregate of the retained profits and share premium account of the company. The purpose of the program to purchase shares when appropriate and at prices which the Board views favorable and to stabilize the supply and demand of shares traded and thereby support its fundamental value and to enhance earnings per share, and to utilize the treasury shares as future dividend payout to shareholders and/or for resale in the market should opportunities arise in the future. The program does not obligate the company to repurchase any specific number of shares. The repurchases will be in accordance with provisions of the company’s Memorandum and Articles of Association, the Listing Requirements of Bursa Malaysia Securities Berhad for MESDAQ Market and any other applicable laws, rules, regulations and guidelines for the time being in force. The share repurchase program shall be valid until the earliest of the conclusion of the next Annual General Meeting, or the expiration of the period within which the next Annual General Meeting of the company is required by the bye-laws of company to be held or the passing of an ordinary resolution by the shareholders of the company in General Meeting revoking or varying the authority given to the Directors of the company.