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BML to repurchase ‘buyback shares’ from certain shareholders

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Photo credit: www.bayportfinance.com

On March 3, 2021, the Board of Bayport Management Ltd had passed a resolution, authorising the repurchase of a total of 149,451 shares representing 0.48% of the issued share capital of the Company as at the last practicable date, being June 30, 2021.

In a fresh announcement on the Stock Exchange of Mauritius, Bayport Management said the Buyback Shares will be repurchased from certain shareholders in line with shareholder agreements entered into between the company and these shareholders.

BML was incorporated on 10 September 2001 and holds a Category One Global Business License issued by the Financial Services Commission. BML is a holding company and holds businesses involved in the provision of retail financial services.

The Buyback being less than 5% of BML’s current issued share capital, Bayport Management said the price at which the Buyback Shares will be repurchased “is not required to be in compliance with Rule 3(d)(ii)(b) of the Securities (Purchase of Own Shares) Rules 2008.”

It said Buyback Shares shall be repurchased at a price of USD 23.36 per share. 

The Buyback is subject to the adoption of a special resolution by Shareholders.

An explanatory statement prepared in line with the Buyback Rules, providing Shareholders with the relevant information relating to the Buyback was posted to them today, 6 July 2021, Bayport Management said.

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