SATS Ltd. (SGX:S58) commences share repurchases on January 8, 2016 under the program mandated by the shareholders in the Annual General Meeting held on July 21, 2015. As per the mandate, the company is authorized to repurchase up to 22,202,522 shares, representing 2% of its issued ordinary shares. The shares will be repurchased through on-market purchases on the Singapore Exchange Securities Trading Limited and/or through off-market purchases effected otherwise than on the SGX-ST in accordance with any equal access scheme as may be determined or formulated by the directors as they consider fit, such scheme shall satisfy all the conditions prescribed by the Companies Act, and otherwise in accordance with all other laws, regulations and rules of the SGX-ST as may for the time being be applicable, be and is hereby authorized and approved generally and unconditionally.

The maximum price in the case of an on-market purchase will be 105% of the average closing price; and in the case of an off-market purchase at 105% of the average closing price. The company intends to use its internal sources of funds to finance the purchase or acquisition of the shares. The authority, if approved will be valid till the next Annual General Meeting unless by ordinary resolution passed at that meeting, the authority is renewed, either unconditionally or subject to conditions or the expiration of the period within which the next Annual General Meeting after that date is required by law to be held; or revoked or varied by ordinary resolution passed by the shareholders in a general meeting, whichever is earlier.