BOE secures CNY 1.8bn loan for share repurchase

BOE Technology Group (SZSE:000725) announced it has secured a CNY 1.8 billion loan commitment from the Beijing branch of China Construction Bank to finance its share repurchase program. The loan, detailed in a commitment letter, will specifically be used to buy back the company's shares. BOE's board and shareholders approved the repurchase plan in April and May, respectively, with the intention to reduce the company's registered capital through cancellation of the repurchased shares. The plan allows for a repurchase between CNY 1.5 billion and CNY 2 billion, with the repurchase price not exceeding CNY 6.11 per share. The company intends to execute the repurchase within 12 months from the date of shareholder approval and will disclose any significant changes in circumstances in a timely manner. The loan commitment is valid for one year.