HONG KONG – NASDAQ-listed, AGBA Group Holding Limited (“AGBA”), the leading one- stop financial supermarket in Hong Kong, today announced that its Board of Directors approved a share repurchase program with authorization to purchase up to 1,000,000 ordinary shares of AGBA with a maximum of $10,000,000 to be expended. The share repurchase program reflects AGBA’s commitment to returning value to its shareholders, while maintaining the financial flexibility to invest in growth opportunities. The program also reflects the company’s confidence in its future prospects.
Wing-Fai Ng, Group President, AGBA Group Holding Limited said, “Creating and defending shareholder value is a core focus of AGBA. Our scale, combined with the strength of our business and the significant opportunities arising from China’s reopening, enables us to continue investing for the long term, while also opportunistically buying back stock through a repurchase program. This program is a direct reflection of our belief that our shares are significantly undervalued, and a demonstration of our confidence in the business and the long-term opportunity ahead.”
AGBA may repurchase shares from time to time through open market purchases in accordance with applicable securities laws and regulations. Open market repurchases will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended Exchange Act.
The manner, timing and amount of any shares repurchases will be determined by AGBA’s management in its discretion based on its evaluation of various factors, including the trading price of the ordinary shares, market and economic conditions, regulatory requirements and other corporate considerations.
This authorization expires on April 18, 2024, and may be suspended or discontinued at any time and does not obligate the company to acquire any amount of ordinary shares.
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