Senior Material plans share repurchase up to $1.38m

Shenzhen Senior Technology Material (SZSE:300568) announced its plan to repurchase company shares using its own funds and special loans. Approved by the board of directors, the repurchase will involve a total amount of between ¥50 million (approximately $6.9 million USD) and ¥100 million (approximately $13.8 million USD), with a repurchase price not exceeding ¥14.60 per share. The repurchased shares will be used for future employee stock ownership plans. The repurchase period will last for six months, with the number of shares repurchased depending on market conditions, but estimated between 3,424,658 and 6,849,315 shares, representing 0.26% to 0.51% of the current total share capital. The company has opened a dedicated repurchase account and has secured a loan commitment from the Industrial and Commercial Bank of China for up to ¥90 million.