HRnetGroup Limited commences an Equity Buyback Plan for 100,652,263 shares, representing 10% of its issued share capital, under the authorization approved on May 6, 2020.
August 18, 2020 at 01:02 pm
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HRnetGroup Limited (SGX:CHZ) commences share repurchases on August 18, 2020, under the program mandated by the shareholders in the Annual General Meeting held on May 6, 2020. As per the mandate, the company is authorized to repurchase up to 100,652,263 shares, representing 10% of its issued share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made. While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 120% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded immediately preceding the date of offer by the company. The repurchased shares will be cancelled or kept as treasury shares. The company intends to use its internal sources of funds and/or external borrowings to finance its purchase or acquisition of its shares. 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.
HRnetGroup Limited is a Singapore-based investment holding company. It is a recruitment and staffing Company in Asia. The Company operates in three segments: Professional recruitment, Flexible staffing, and Others. It provides professional recruitment services primarily under its HRnetOne, PeopleSearch, PeopleFirst and SearchAsia brands and staffing solutions under its RecruitExpress and RecruitFirst brands. The Company sources, recommends, and hire the contractors on its payroll on a back-to-back basis. It provides recruitment process outsourcing (RPO) services, including workplace analysis and planning, contract negotiation, customized recruitment process and assessment, onboarding and offboarding, recruitment marketing programs, employee liaison and management, interviews, recommendations, and selection, and payroll services. It has 13 brands, 40 Business Units across 15 Asian cities and over 900 consultants. Its subsidiaries include HRnet One Pte Ltd and Recruit Express Pte Ltd.
HRnetGroup Limited commences an Equity Buyback Plan for 100,652,263 shares, representing 10% of its issued share capital, under the authorization approved on May 6, 2020.