Tiong Nam Logistics Holdings Berhad (KLSE:TNLOGIS) commences share repurchases on November 1, 2023, under the program mandated by the Annual General Meeting held on August 26, 2023. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital, such that the company?s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. The shares will be purchased at a price which is not more that 15% above the weighted average market price of the company?s shares for the five market days immediately prior to the date of the purchase.

The program will be financed via internally generated funds and/or bank borrowings and the maximum funds to be allocated by the company for the purpose of purchasing the shares shall not exceed the aggregate of the retained profits and/or share premium account of the company. The company may cancel all the shares so purchased, retain the shares so purchased in treasury for distribution as dividend to the shareholders and/ or resell on the market of Bursa Securities or retain part thereof as treasury shares and cancel the remainder. The repurchases will enhance the earnings per share of the company and stabilize the demand and supply of the shares in market.

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.