Dafeng Industrial secures loan for share repurchase

Zhejiang Dafeng Industrial (SSE:603081) announced it has secured a "Stock Repurchase Loan Commitment Letter" from the Bank of Communications, Ningbo Yuyao Branch. The commitment provides a loan facility of up to RMB 135 million, earmarked specifically for the company's share repurchase program. The loan has a three-year term and was approved by the Bank of Communications. As of the announcement date, Dafeng has already repurchased 5,804,919 shares, representing 1.42% of its total share capital, at prices between RMB 8.78 and RMB 10.66 per share, for a total expenditure of RMB 55.996 million. The company plans to use the loan to enhance the efficiency of its capital utilization, supplementing existing funds allocated for the repurchase. The board of directors has approved this matter, negating the need for a shareholders' meeting.