Guangzhou Seagull Kitchen and Bath Products (SHE:002084) aims to buy back 20 million yuan to 40 million yuan worth of shares at a maximum price of 4.34 yuan per share as a part of a share buyback plan, according to a Tuesday filing with the Shenzhen Bourse.
The repurchased shares will be used for an equity incentive plan. The company secured a 36 million yuan special loan from the Bank of China.
The buyback will be completed within 12 months, with a potential repurchase of up to 9.22 million shares, which is 1.43% of total equity.
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