OUE Limited offers $1.25 per share in buyback proposal

The company plans to buy back 84,038,036 shares.

OUE Limited has proposed to buy back 84,038,036 shares, or 10% of its total issued shares, through an off-market equal access offer.

The company offered $1.25 per share, representing a 20% premium over the average closing price of the last five consecutive market days.

In a bourse filing, OUE Limited said shareholders who will tender their shares in acceptance of the Off-Market Equal Access Offer will still receive the final and special dividends payable on May 24, 2024, for the shares tendered, provided they held those shares as of the record date of May 9, 2024, and are therefore entitled to these dividends.

Following the buyback exercise, OUR Limited expects its earnings per share to increase.

Assuming that OUE Limited repurchases the maximum amount, the company will commit $105.05 million towards buying back shares.

The company will fund the buyback exercise through internal resources and/or external borrowings.