Standard Chartered PLC announces that it will initiate the repurchase of common shares at US$0.50 each for a maximum aggregate amount of US$1 billion. The purpose of the repurchase is to reduce the Group’s common shares in circulation.
The Group has entered into a non-discretionary agreement with JP Morgan Securities plc (“JPMS plc”) to enable the purchase of common shares by JPMS plc, acting as principal, during the period from 27 February 2024 to 23 August 2024. , for an aggregate purchase price of up to, but not exceeding, US$1 billion and the sale of such common shares by JPMS plc to the Group.
The maximum number of common shares that may be purchased under the repurchase is 250,000,000 common shares. JPMS plc will make the trading decisions in relation to the Common Shares independently of the Group.