MINISO Group Holding Limited MNSO said its board of directors approved a new share repurchase program on September 15, 2023, under which the company may repurchase up to $200 million worth of shares over a period of 12 months.
The decision follows the expiration of the share repurchase program the company adopted in September 2022.
The company expects to fund repurchases under the 2023 share repurchase program from surplus cash on its balance sheet.
The board will review the 2023 share repurchase program periodically, and may authorize adjustment of its terms and size.
MINISO held $1 billion in cash and equivalents as of June 30, 2023.
MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design.
Price Action: MNSO shares are trading higher by 0.17% at $29.69 in premarket on the last check Friday.
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