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Business · Fintech
Pharma company Zhejiang Conba decides shares buyback following poor stock performance
CKN
2018/10/11 04:38:35
2,136
China's Financial News, China News, Conba

Oct 11, 2018 (China Knowledge) - The share price of Zhejiang Conba Pharmaceutical Co.,Ltd is in red recently, therefore the company has decided to repurchase some of the shares owned by it to put its employee stock ownership plan into practice. Th measure is intended to safeguard interests of a majority of investors and consolidate their confidence, as well as to broaden firm’s operating landscape and development in the long term. The company announced share repurchase in a report yesterday.

The share-buyback proposal was approved by the company’s first extraordinary general meeting (EGM) on September 25.

According to the report total amount of repurchased shares is limited to RMB 320 million and the per share buy-back is priced capped at RMB 8. Additionally, duration of repurchase is capped at 6 months stretching from the day when repurchase plan was passed by shareholders meeting. The volume of shares repurchased is estimated to total around 40 million, accounting for 1.5% of the total shares.

The deal is expected to be made by means of biding on the Shanghai Stock Exchange to protect minority shareholders’ interests.

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