China Literature (HKG:0772) plans to repurchase up to nearly 102.6 million shares, representing 10% of the company's total issued share capital, with a maximum allowed fund of HK$1.2 billion under its proposed share buyback plan.
The shares will be repurchased on the market within 12 months and the company intends to use its existing cash reserve and free cash flow for the repurchase, according to a Hong Kong bourse filing on Friday.
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