Restaurant operator Hi-Lai Foods Co Ltd (漢來美食) yesterday announced plans for a two-stage share buyback program to secure the interests of its shareholders at a total cost of up to NT$1.24 billion (US$40.6 million), or 20.13 percent of liquid assets.
The company’s board of directors has approved a plan to purchase 500,000 shares at between NT$100 and NT$165 per share from today to July 25, Hi-Lai said in a statement after the local stock market closed.
The number of shares to be repurchased represents 1.32 percent of its outstanding shares, the company said.
In a separate filing, Hi-Lai said that it also plans to buy back as many as 2.5 million shares at between NT$100 and NT$165 per share on the Taipei Exchange from July 26 to Sept. 12.
The second-stage share buyback would equal 5.26 percent of its outstanding shares.
Hi-Lai shares yesterday edged down 0.45 percent to close at NT$110.50 before the announcement, underperforming the Taipei Exchange, which rose 0.93 percent.
The stock has dropped by more than 20 percent since the beginning of this year.
Hi-Lai reported cumulative sales of NT$1.82 billion for the first half of the year, a 6.59 percent increase from NT$1.71 billion in the same period last year, company data showed.
Hi-Lai, which has a solid position in southern Taiwan’s catering industry through its flagship brands, including Harbour Restaurant (漢來海港) and International Banquet Hall (漢來宴會廳), is an affiliate of Kuo Yang Construction Co (國揚建設), Hi-Lai’s Web site showed.
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