Skyworth Group (HKG:0751) announced a share buyback offer of up to 350 million shares at HK$3.11 per share, totaling approximately HK$1.09 billion, according to a Thursday filing with the Hong Kong bourse.
These shares represent 15.67% of the issued share capital. The buyback will be funded by internal resources.
Controlling shareholder Wong and related parties, holding 55.86% of shares, have committed not to participate.
The smart television maker's shares were up 7% in recent trading.
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