Japan Foods Holding Ltd. commences share repurchases on January 18, 2017, under the program mandated by the shareholders at the Annual General Meeting held on July 21, 2016. As per the mandate, the company is authorized to repurchase up to 17,442,600 shares, representing 10% of the total number of issued shares. The company will repurchase its shares in the open market on SGX-ST or through off-market operations. In the case of market purchase, the purchase price must not exceed 105% of the average closing price over the last 5 days and in the case of off-market purchase, the price must not exceed 120% of the average closing price over the last 5 days. The shares repurchased will be cancelled or held as treasury shares. The company will fund the repurchase from internal sources of funds or borrowings or a combination of both. The purpose of the repurchase is to increase shareholder value by returning equity to the group. The program will run until the earlier of: the date on which the next Annual General Meeting is held or required by law to be held; the date on which the repurchases are carried out to the full extent mandated; or the date on which the authority conferred by the mandate is revoked or varied by the shareholders in a General Meeting. As of July 21, 2016, the company had 173,936,000 shares in issue.