Sarine Technologies Ltd. (SGX:U77) commences share repurchases on August 15, 2023, under the program mandated by the shareholders in the Extraordinary General Meeting held on April 24, 2023. As per the mandate, the company is authorized to repurchase up to 17,170,334 shares, representing 5% of its issued share capital. In the case of on-market repurchases, the maximum price that will be paid by the company for repurchases will be 5% of the average closing price over the period of five market days on which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made.

While, In the case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 20% of the average closing price over the period of five market days on which transactions in the shares on the SGX-ST were recorded immediately preceding the date of the offer by the company. The repurchases will be made out of the company?s profits, being its balance of surplus or surplus accumulated over the past two years, whichever is the greater, provided that the company is solvent. The repurchased shares will be cancelled or kept as dormant 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 carried out to the full extent unless varied or revoked in a General Meeting.