Stock Track | ENN ENERGY Shares Soar on Share Buyback and Employee Incentive Plans

Stock Track2024-09-24

Shares of ENN ENERGY Holdings Ltd. surged 6.8% on Monday, marking their biggest one-day gain since April 10th, as the Chinese piped and liquefied natural gas distributor unveiled plans to bolster shareholder value and employee incentives.

The company announced that it will utilize up to HK$300 million (around $38.55 million) to acquire shares from the open market for its Share Award Scheme. This move aims to expand the scope of employee incentives, aligning the interests of employees with those of shareholders and fostering a sense of ownership among the workforce.

Additionally, ENN ENERGY revealed plans to repurchase up to another HK$300 million worth of its own shares from the open market as part of a share buyback program. Share buybacks are typically seen as a positive signal by investors, as they reduce the number of outstanding shares and boost earnings per share, effectively returning capital to shareholders.

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