KL Kepong expects to replant 3,000ha to 4,000ha in Sabah and plans to plant about 1,000ha to 1,500ha in Liberia.
KUALA LUMPUR: Kuala Lumpur Kepong Bhd
(KLK) plans to allocate up to RM3.66bil which would be used to buy back up to 10% of its paid-up share capital.
The plantation company said on Friday its directors had proposed to seek a new mandate from shareholders to purchase from the open market up to 10% of the share capital or 106.75 million shares.
Excluding the number of shares bought back and held as treasury shares of 2.54 million shares, the maximum number of shares that may be further bought back would be 104.21 million units.
KLK also said the actual number of shares to be purchased, the total amount of funds to be utilised, the impact on cash flows and the timing of the purchase will depend on the prevailing equity market conditions and the sentiments of Bursa Malaysia as well as the financial resources available to the company at the time of purchase.
“The funding for the proposed renewal of authority to buy back shares will be sourced wholly from internally generated funds,” it said in its circular to shareholders.
KLK said it may only purchase its own shares at a price which is not more than 15% above the weighted average market price on Bursa Malaysia for the past five market days immediately preceding the date of the purchase.
KLK's annual general meeting will be held at Wisma Taiko, 1 Jalan S.P. Seenivasagam in Ipoh on Feb 15, 2017 at 11am.
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