MOBI Development Co., Ltd. commences an Equity Buyback Plan for 80,583,909 shares, representing 10% of its issued share capital, under the authorization approved on May 29, 2024.
May 29, 2024 at 09:40 am
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MOBI Development Co., Ltd. (SEHK:947) commences share repurchases on May 29, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 29, 2024. As per the mandate, the company is authorized to repurchase up to 80,583,909 shares, representing 10% of its issued share capital. The repurchases will result in an increase in the net asset value and/or earnings per share.
The repurchase program will be funded out of funds legally available for the purpose in accordance with the Memorandum and Articles of Association and the applicable laws of the 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 at May 29, 2024, the company has 805,839,094 shares in issue.
MOBI Development Co., Ltd. is an investment holding company principally engaged in the manufacture and sales of wireless communication antennas and base station radio frequency subsystems. The Company mainly operates through three segments. The Antenna System segment is engaged in the manufacture and sales of antenna systems and related products. Its antenna products include smart antennas, microwave antennas and repeater antennas, among others. The Base Station Radio Frequency Subsystem segment is engaged in the manufacture and sales of base station radio frequency subsystems and related products. Its radio frequency products include duplexers, filters, couplers and drives, among others. The Coverage Extension Solution segment is engaged in the manufacture and sales of coverage products. The Company operates businesses in China, Thailand, Japan, Canada, Mexico and Russia, among others.
MOBI Development Co., Ltd. commences an Equity Buyback Plan for 80,583,909 shares, representing 10% of its issued share capital, under the authorization approved on May 29, 2024.