Stark Corporation Public Company Limited (SET: STARK) announced on Thursday, that the board of directors meeting No. 9/2022 on December 21, 2022, has passed the resolution to approve the management to determine details of the share repurchase project for financial management purposes (treasury stock).
The company further clarifies that the share repurchase project for financial management purpose (treasury stock) will be made using the excess liquidity from the company’s operations once the company has sufficient retained earnings in an amount not exceeding the Company’s unappropriated, retained earnings in Separate financial statement, which is consistent with the Company’s articles of association and relevant laws.
To comply with the relevant laws, the board of directors has assigned the management to determine details of the share repurchase project for financial management purpose (treasury stock), including the maximum amount to repurchase, the number and proportion of shares to repurchase, method and timing of share repurchase, and pricing criteria, to present to a board of directors meeting or a shareholders meeting (as applicable) for further consideration.
In addition, since the company has exercised its right under the law and the Share Purchase Agreement, as mentioned in the reference, to withdraw from Share Purchase Agreement. The company will no longer use proceeds from the capital increase received from the offering of newly issued ordinary shares to specific investors (private placement) for such transaction.
STARK stated further that the company will continue to utilize such proceeds for the best interests of the company and its shareholders, including for business expansion and business operations enhancement, whereby the board of directors will present the information regarding the objectives and plans for the utilization of the new capital increase to the shareholders meeting for further consideration in accordance with relevant laws.
