MFM share buyback

TheStar Tue, Apr 28, 2020 08:50am - 11 months ago

Some of the MFM products.

PETALING JAYA: Malayan Flour Mills Bhd (MFM) has proposed to renew the authorisation for the share buyback of up to 10% of its total shares during the forthcoming AGM.

In a statement, MFM said the existing authority for the share buyback is subject to annual renewal and will lapse at the conclusion of the group’s AGM to be held on June 24,2020, unless renewal is obtained.

MFM intends to retain the purchased MFM shares as treasury shares, or cancel the purchased shares, or a combination of both.

“The proposed share buyback, if exercised, is expected to potentially benefit MFM and its shareholders, as the earnings per share of the group will be enhanced, ” it said.

The price for the purchase will not be more than 15% above the weighted average market price of MFM shares for the five market days immediately preceding the date of purchase.

Based on the total number of issued MFM shares of one billion as at March 31,2020, the number of shares to be purchased pursuant to the proposed share buyback will amount to a maximum of 100.74 million shares. Funding for the exercise is expected to be internally generated, from the retained profits of MFM.

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