China’s electrical appliance manufacturer Midea Group has bought back its shares worth four billion yuan (583.66 million U.S. dollars), according to an announcement of this company on Tuesday night.
This announcement stated that Midea had fulfilled its share repurchase plan which was approved and made public in July 2018.
As of Dec. 28, 2018, Midea had in the aggregate bought back 95.11 million of its shares, or 1.43 percent of this company’s total shares, at a unit price that ranged from a low of 36.49 yuan (5.32 U.S. dollars) to a high of 48.4 yuan (7.06 U.S. dollars). The total payment for these 95.11 million shares amounted to about 4 billion yuan (583.66 million U.S. dollars).
Back in July 2018, Midea announced it would buy back its shares in a bidding process at a unit price of no more than 50 yuan (7.3 U.S. dollars). At this price level, this company could repurchase at least 80 million shares, or 1.2 percent of its total shares.
The share repurchase plan was scheduled to be fulfilled within 12 months after it was approved by Midea’s shareholders’ meeting in the same month.
All the shares bought back under the above plan would be cancelled, according to Midea’s announcement on Tuesday.
Abundant capital flows had allowed Midea to reach the above goal ahead of schedule. The 4 billion yuan (583.66 million U.S. dollars) used in the share repurchase plan made up only 5.43 percent of its net assets in 2017, which stood at 73.7 billion yuan (10.75 billion U.S. dollars).
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