CNOOC's Board Authorizes Share Buyback

The board of directors of CNOOC Limited has approved a management proposal that allows the Company to repurchase shares in the open market based on the general mandate approved by shareholders on May 29, 2003. The authorization permits the purchase of up to 10% of the issued share capital on the Stock Exchange of Hong Kong in conformity with relevant regulatory conditions. Shares purchased under the program will be canceled. Purchase price and amount purchased will be reported to the Stock Exchange of Hong Kong after each trade day pursuant to the Listing Rules. CNOOC Limited intends to use cash available on hand to conduct the share repurchase program.

"Share repurchase presents an effective alternative to distribute excess cash to shareholders. It helps enhance shareholders' value and further increase corporate governance," commented Fu Chengyu, Chairman and CEO of CNOOC Limited. "Robust oil prices have resulted in strong cash flow. The company's solid financial position can more than adequately cover the financial resources required for planned course of businesses. Share repurchase is a flexible way to return money to investors," added Mark Qiu, CFO and Senior Vice President of the Company.

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