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Sin-Env buyback -EGM today 12 Dec 2007
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ReminiserJr
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12-Dec-2007 17:26
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SINO-ENV SEEKS MANDATE FOR SHARE BUYBACK PROGRAMME Sino Environment Technology Group Limited (?Sino-Env? or ?the Group?) today announced at an extraordinary general meeting (?EGM?) on 12 December 2007 to seek shareholders? approval for a share buyback programme in relation to its proposed implementation of various employee benefit programmes. Sino-Env Chief Financial Officer David Tan noted, ?This share buyback programme will give the Group a useful tool in our ongoing capital management exercise. It will also enable the Group to perform stabilisation of Sino-Env share price in the current volatile market conditions.? Sino-Env intends to hold the repurchased shares as treasury shares, which may be used for various corporate purposes including various employee benefit programmes. Sino-Env has 346,232,180 shares outstanding. Sino-Env Chief Executive Officer Sun Jiangrong said, ?Having recently announced a sterling set of 3Q2007 results, I am dismayed to see that market volatility as well as the postponement of our desulphurisation project in Xinjiang has caused the Group?s share price to weaken to a level which I consider significantly undervalues the Group. Having announced today that we should secure a replacement pilot project from Huadian in Xinjiang, both the Group and I will be able to perform on-market purchase of Sino-Env shares without having to worry about contravening the Group?s corporate governance policies with respect to insider trading.? The Chief Executive Officer further added, ?I reiterate that we remain confident and committed to achieving the targeted order book for desulphurisation for 2008.? Sino-Environment Technology Group Ltd. (SinoEnv) is an investment holding company. The Company and its subsidiaries is an environmental protection and waste recovery specialist in the People?s Republic of China (PRC). SinoEnv provides solutions for its customers in two main arenas: water management for both municipal and industrial customers, and waste gas management for industrial customers. The Company operates through four segments: Industrial waste gas treatment, management and recovery of volatile organic compounds; Industrial waste gas treatment and management for independent power producers; Industrial waste water treatment and management, and Municipal urban waste water treatment and management |
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