Hebei Huatong Wires and Cables Group (SHA:605196) received a letter of commitment from the Agricultural Bank of China (SHA:601288, HKG:1288) for the provision of a 70 million yuan loan to fund its share repurchase plan, according to a Shanghai Stock Exchange disclosure on Friday.
The company will buy back shares worth between 50 million yuan and 100 million yuan within 12 months from the shareholders' approval. Each share will be priced up to 13.42 yuan.
The company said 50% of the repurchased shares will be used to reduce its registered capital and the remaining 50% will be used for equity incentives or employee stock ownership plans in the future.
The commitment is valid for one year, the disclosure said.
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