MTR Corp. Ltd. proposed the extension of a share buyback and issuance program, which shareholders will vote on at the scheduled annual general meeting May 17.
The proposed issue mandate will allow MTR's board to allot and issue new shares of up to 10% of the total number of issued shares, while an extension of the buyback mandate will allow the company to repurchase shares representing up to 10% of the total number of issued shares, as of the approval date. The resolutions were previously approved at the company's last shareholders meeting held May 18, 2016.
MTR shareholders will also vote on the appointment of Andrew Brandler and Zhou Yuan as independent nonexecutive directors. They will also join the audit committee and risk committee if they are confirmed.