Ge-Shen wishes to announce that the Company is proposing to seek for the approval of its shareholders on the Proposed Renewal of Existing Shareholders’ Mandate and Proposed Renewal of Share Buy-Back Authority at the forthcoming Seventeenth Annual General Meeting (“AGM”) of the Company to be convened at a date to be notified later.

The Proposed Renewal of Existing Shareholders’ Mandate is to allow the Company and/or its subsidiaries to enter into recurrent related party transactions (“RRPT”) of a revenue or trading nature which are necessary for its day-to-day operations. The company had, at its Sixteenth AGM held on 23 May 2019, obtained the mandate from its shareholders to enter into RRPT of a revenue or trading nature. This mandate will expire at the conclusion of the forthcoming Seventeenth AGM. 

The Proposed Renewal of Share Buy-back Authority is to renew the authority granted by the shareholders of the Company at the Sixteenth AGM held on 23 May 2019. The Proposed Renewal of Share Buy-back Authority will allow the Company to purchase its own shares of up to 10% of the total number of issued shares of the Company in accordance with Section 127 of the Companies Act 2016. 

A Circular/ Statement to shareholders containing details in relation to the Proposed Renewal of Existing Shareholders’ Mandate and Proposed Renewal of Share Buy-back Authority will be issued to the shareholders of the Company in due course.

This announcement is dated 16 April 2020.