Duty Free International Limited (SGX:5SO) commences share repurchases on July 13, 2017 under the program mandated by the shareholders in the Annual General Meeting held on June 29, 2017. As per the mandate, the company is authorized to repurchase up to 122,850,039 shares, representing 10% of the issued ordinary share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded before the day on which such purchase is made. While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 120% of the average closing price over the period of five market days in which transactions in the shares on the SGX-ST were recorded immediately preceding the date of offer by the company. The repurchased shares will be cancelled or will be held in treasury for subsequent resale for cash, or for transfer for the purposes of or pursuant to an employees&rsquo share scheme or for transfer as consideration for the acquisition of shares in or assets of another company or assets of a person or cancellation or for sale, transfer or otherwise use as treasury. The company will use its internal sources of funds and/or external borrowings, to finance the repurchase program. The share repurchase program will provide the company with a mechanism to facilitate the return of surplus cash over and above its ordinary capital requirements in an expedient and cost-effective manner. It will also provide the Directors with greater flexibility over the company&rsquo s share capital structure with a view to enhancing the EPS and/or NTA value per share. The share repurchase program shall expire at the earliest of the date on which the next Annual General Meeting of the company is held or is required to be held, the date on which the share buy-backs are carried out to the full extent mandated or the date on which the authority contained in the share buyback mandate is varied or revoked.