Primech Holdings Announces Share Repurchase Program
Primech Holdings (NASDAQ: PMEC), a Singapore-based technology-driven facility services provider, has announced a significant share repurchase program approved by its Board of Directors. The program authorizes the repurchase of up to 20% of the Company's outstanding Ordinary Shares under Rule 10b-18.
The buyback program requires shareholder approval at an upcoming Extraordinary General Meeting (EGM) and will remain effective until the next Annual General Meeting (AGM). The company plans to fund the repurchases using existing cash and cash equivalents, with purchases to be made through on-market transactions in compliance with securities laws.
CEO Kin Wai Ho emphasized the company's focus on innovation in facility services through AI, robotics, and sustainable solutions, stating that the buyback program reflects management's confidence in Primech's business strategy and growth potential.
Primech Holdings (NASDAQ: PMEC), un fornitore di servizi tecnologici per strutture con sede a Singapore, ha annunciato un importante programma di riacquisto di azioni approvato dal Consiglio di Amministrazione. Il programma autorizza il riacquisto fino al 20% delle azioni ordinarie in circolazione della Società ai sensi della Regola 10b-18.
Il programma di riacquisto richiede l'approvazione degli azionisti in una prossima Assemblea Straordinaria (EGM) e resterà valido fino alla prossima Assemblea Annuale (AGM). La società prevede di finanziare i riacquisti utilizzando liquidità e equivalenti di cassa esistenti, effettuando gli acquisti tramite transazioni sul mercato in conformità con le leggi sui titoli.
Il CEO Kin Wai Ho ha sottolineato l'attenzione dell'azienda sull'innovazione nei servizi per strutture attraverso l'IA, la robotica e soluzioni sostenibili, affermando che il programma di riacquisto riflette la fiducia della direzione nella strategia aziendale e nel potenziale di crescita di Primech.
Primech Holdings (NASDAQ: PMEC), un proveedor de servicios tecnológicos para instalaciones con sede en Singapur, ha anunciado un programa significativo de recompra de acciones aprobado por su Junta Directiva. El programa autoriza la recompra de hasta el 20% de las acciones ordinarias en circulación de la Compañía bajo la Regla 10b-18.
El programa de recompra requiere la aprobación de los accionistas en una próxima Junta General Extraordinaria (EGM) y permanecerá vigente hasta la próxima Junta General Anual (AGM). La empresa planea financiar las recompras utilizando efectivo y equivalentes de efectivo existentes, realizando las compras a través de transacciones en el mercado conforme a las leyes de valores.
El CEO Kin Wai Ho destacó el enfoque de la empresa en la innovación en servicios para instalaciones mediante IA, robótica y soluciones sostenibles, afirmando que el programa de recompra refleja la confianza de la dirección en la estrategia comercial y el potencial de crecimiento de Primech.
Primech Holdings (NASDAQ: PMEC), 싱가포르에 본사를 둔 기술 중심 시설 서비스 제공업체가 이사회에서 승인한 대규모 자사주 매입 프로그램을 발표했습니다. 이 프로그램은 규칙 10b-18에 따라 회사 발행 보통주의 최대 20%까지 매입을 승인합니다.
자사주 매입 프로그램은 다가오는 임시 주주총회(EGM)에서 주주 승인을 필요로 하며, 다음 정기 주주총회(AGM)까지 유효합니다. 회사는 기존 현금 및 현금성 자산을 사용하여 매입 자금을 조달할 계획이며, 증권법을 준수하는 시장 내 거래를 통해 주식을 매입할 예정입니다.
CEO Kin Wai Ho는 AI, 로봇공학, 지속 가능한 솔루션을 통한 시설 서비스 혁신에 집중하고 있으며, 이번 자사주 매입 프로그램이 Primech의 사업 전략과 성장 잠재력에 대한 경영진의 신뢰를 반영한다고 강조했습니다.
Primech Holdings (NASDAQ : PMEC), un fournisseur de services aux installations axé sur la technologie basé à Singapour, a annoncé un programme important de rachat d'actions approuvé par son conseil d'administration. Ce programme autorise le rachat jusqu'à 20 % des actions ordinaires en circulation de la Société conformément à la règle 10b-18.
Le programme de rachat nécessite l'approbation des actionnaires lors d'une prochaine assemblée générale extraordinaire (AGE) et restera en vigueur jusqu'à la prochaine assemblée générale annuelle (AGA). La société prévoit de financer les rachats en utilisant les liquidités et équivalents de trésorerie existants, les achats étant effectués par des transactions sur le marché conformément aux lois sur les valeurs mobilières.
Le PDG Kin Wai Ho a souligné l'accent mis par l'entreprise sur l'innovation dans les services aux installations grâce à l'IA, la robotique et des solutions durables, déclarant que le programme de rachat reflète la confiance de la direction dans la stratégie commerciale et le potentiel de croissance de Primech.
Primech Holdings (NASDAQ: PMEC), ein technologiegetriebener Anbieter von Facility Services mit Sitz in Singapur, hat ein bedeutendes Aktienrückkaufprogramm angekündigt, das vom Vorstand genehmigt wurde. Das Programm erlaubt den Rückkauf von bis zu 20 % der ausstehenden Stammaktien des Unternehmens gemäß Regel 10b-18.
Das Rückkaufprogramm erfordert die Zustimmung der Aktionäre auf einer bevorstehenden außerordentlichen Hauptversammlung (EGM) und bleibt bis zur nächsten ordentlichen Hauptversammlung (AGM) gültig. Das Unternehmen plant, die Rückkäufe mit vorhandenen liquiden Mitteln und Zahlungsmitteln zu finanzieren, wobei die Käufe über Börsentransaktionen unter Einhaltung der Wertpapiergesetze erfolgen.
CEO Kin Wai Ho betonte den Fokus des Unternehmens auf Innovationen im Bereich Facility Services durch KI, Robotik und nachhaltige Lösungen und erklärte, dass das Rückkaufprogramm das Vertrauen des Managements in die Geschäftsstrategie und das Wachstumspotenzial von Primech widerspiegelt.
- Authorization to repurchase up to 20% of outstanding shares, indicating significant potential for enhancing shareholder value
- Company plans to use existing cash and cash equivalents, demonstrating strong liquidity position
- Management's confidence in business strategy and growth potential
- Share repurchase program is subject to shareholder approval, creating uncertainty
- Program may be suspended or discontinued at any time, offering no guarantees
- Significant cash allocation to buybacks could limit funds available for operational growth and innovation
Insights
Primech's 20% share buyback signals management confidence but requires shareholder approval before implementation.
Primech Holdings has announced a significant capital allocation initiative with its Board approving a share repurchase program for up to 20% of outstanding ordinary shares. This is a substantial authorization that exceeds typical buyback programs, which often range between 5-10% of outstanding shares.
Several important conditions apply to this program. First, it requires shareholder approval at an upcoming Extraordinary General Meeting, meaning implementation isn't guaranteed. Second, the program would remain effective from approval until the next Annual General Meeting. Third, the company maintains flexibility with language noting the program "may be suspended or discontinued" and "does not obligate the Company to acquire any amount of stock."
From a capital structure perspective, Primech plans to fund these repurchases using "existing cash and cash equivalents," though the announcement doesn't provide specific figures about their current cash position or valuation metrics. This limits our ability to assess the potential balance sheet impact.
Share repurchase programs typically serve multiple financial objectives: they can signal management's belief that shares are undervalued, potentially increase earnings per share by reducing share count, and provide returns to shareholders in a tax-efficient manner compared to dividends.
The CEO's statement emphasizes ongoing focus on technology innovation in facility services through AI, robotics, and sustainable solutions, suggesting the company is balancing growth investments with shareholder returns. Without more detailed financial context, this appears to be a meaningful capital allocation decision that could benefit shareholders, though actual impact will depend on execution timing, purchase prices, and the company's underlying business performance.
SINGAPORE, May 01, 2025 (GLOBE NEWSWIRE) -- Primech Holdings Limited (the “Company”) (Nasdaq: PMEC), an established technology-driven facility services provider in the public and private sectors operating mainly in Singapore, today announced that its Board of Directors has approved a Rule 10b-18 share repurchase program with authorization to purchase up to
This program will be effective from the date when the shareholders’ approval is obtained, up to the next Annual General Meeting (AGM) is held or required by law to be held (whichever is earlier), unless earlier revoked, varied, or fully utilized.
"As we continue to drive innovation in facility services through AI, robotics, and sustainable solutions, we remain committed to prudent capital allocation focused on long-term growth opportunities," said Mr. Kin Wai Ho, Chief Executive Officer of Primech Holdings. "This share repurchase program reflects the Board's and Management's confidence in our business strategy and the future growth potential of Primech, as well as our commitment to enhancing shareholder value."
The Company may repurchase Ordinary Shares from time to time through on-market purchases in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend on business, economic, market conditions, corporate, legal and regulatory requirements, prevailing stock prices, trading volume, and other considerations. The share repurchase program may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of stock. The Company expects to utilize its existing cash and cash equivalents to fund any repurchases under the share repurchase program.
About Primech Holdings Limited
Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
Company Contact:
Email: ir@primech.com.sg
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
FAQ
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