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Ritamix Global Limited 利 特 米 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1936)
INSIDE INFORMATION SHARE REPURCHASE PROGRAMME
The announcement is made by Ritamix Global Limited (利特米有限公司) (the ''Company'' and together with its subsidiaries, the ''Group'') pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Listing Rules'') and Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
According to the shareholders' written resolutions passed by the shareholders of the Company on 8 April 2020, the directors of the Company (the ''Directors'') are generally authorised to repurchase shares of the Company (the ''Share(s)'') not exceeding the aggregate 10% of the total number of shares in issue immediately after completion of the Capitalisation Issue and the Share Offer (as defined in the prospectus of the Company dated 24 April 2020) (the ''Share Repurchase Mandate''). Under the Share Repurchase Mandate, the maximum of Shares which can be repurchased is 50,000,000 Shares, representing 10% of the total number of Shares in issue immediately upon completion of the Capitalisation Issue and the Share Offer.
SHARE REPURCHASE PROGRAMME
In view of the current trading price of Shares which is at a level which undervalues the Company's performance, assets value and business prospects, subject to market conditions, on 25 March 2021, the board (the ''Board'') of Directors of the Company resolved to utilise the Share Repurchase Mandate by actively undertaking an on-market share repurchase programme (''Share Repurchase Programme'' )of the Shares in the open market from time to time. The total amount of funds to be used for the repurchase of Shares under the Share Repurchase Programme is no more than HK$25 million. The period for the Share Repurchase Programme is up to 18 June 2021.
The Board believes that the Share Repurchase Programme can demonstrate the Company's confidence in its own business outlook and prospects and would, ultimately, benefit the Company and create value to the shareholders of the Company. The Board believes that the current financial resources of the Company would enable it to implement the share repurchase while maintaining a solid financial position.
The repurchase of Shares will only be conducted under circumstances which the Board considers to be appropriate and in the interest of the Company and its shareholders as a whole. The Share Repurchase Programme and repurchase of Shares will be executed subject to requirements of the Listing Rules. The repurchase of Shares shall not result in the number of the Shares held by the public falling below the relevant minimum percentage prescribed by the Listing Rules. The repurchase of Shares will be funded by the existing cash resources (excluding the unutilised net proceeds raised from the listing of the Company) of the Group. Shares repurchased will be cancelled.
Shareholders and potential investors should note that the exercise of the Share Repurchase Programme by the Company may be done subject to market conditions and at the Board's absolute discretion. There is no assurance of the timing, quantity or price of any repurchase. Shareholders and potential investors should therefore exercise caution when dealing in the Shares.
By order of the Board Ritamix Global Limited Dato' Sri Lee Haw Yih Chairman and Executive Director
Malaysia, 25 March 2021
As at the date of this announcement, the executive Directors are Dato' Sri Lee Haw Yih and Datin Sri Yaw Sook Kean; the non-executive Director is Mr. Lee Haw Shyang; and the independent non-executive Directors are Ms. Ng Siok Hui, Mr. Lim Chee Hoong and Mr. Lim Heng Choon.