Share buyback mandates are typically given only at AGMs and renewed at each AGM.
With a total base of around 3.95 billion shares, YFH can potentially buy back up to around 395 million shares – given the 10% cap – until the next mandate is needed.
Prior to the listing, YFH’s management had said the company will consider buying back shares if its share price is below its NTA of $1.07 per share as at Dec 31 2021.
YFH started trading at 69.5 cents on April 28 but lost ground quickly to as low as 39 cents on May 19.
It closed at 44 cents on May 23, up 2.35% for the day.
Prior to buying back shares, three of its directors, CEO Vincent Toe (picture), lead independent director Chew Sutat, and independent director Chua Kim Leng have all bought shares from the open market.
They paid as low as 48 cents to as high as 57 cents each.