BRIEF: Tianli International buys back shares as chairman boosts stake

Education services provider Tianli International Holdings Ltd. (1773.HK) said on Sunday that Chairman Luo Shi acquired 3.8 million of the company’s shares in the open market last Friday, representing about 0.18% of its total issued share capital.

Luo paid an average of HK$2.64 per share, spending HK$10.03 million ($1.28 million). He now holds 932 million shares, or 44.64% of the company’s total. The company said Luo does not rule out further increasing his holdings in the future.

The same day, the company repurchased 200,000 of its shares in the market, representing about 0.0095% of its total. Tianli said the buyback demonstrates the company’s confidence in its business outlook and prospects, and will create value for shareholders.

Shares of Tianli International opened flat at HK$2.71 on Monday. The stock is down 45% from its 52-week high.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click here