Satellite Petrochemical secures loan for share repurchase plan

Zhejiang Satellite Petrochemical (SZSE:002648) announced it has secured a loan commitment from China Construction Bank's Jiaxing branch to support its ongoing share repurchase program. The loan, amounting to CNY360 million, is specifically earmarked for repurchasing company stock. The repurchase plan, approved on April 10, 2025, aims to repurchase shares for an amount between CNY200 million and CNY400 million, at a price not exceeding CNY29.50 per share. These shares are intended for use in an employee stock ownership plan or other equity incentive programs. The loan commitment is valid for one year from the date of issue, and the loan term is 36 months. The company will implement the repurchase program based on market conditions and funding availability, adhering to relevant laws and regulations.