PARIS & NEW YORK - AMTD Digital Inc. (NYSE:HKD), a comprehensive digital solutions provider, has announced the launch of a share repurchase program, approved by its board of directors, allowing for the buyback of up to $20 million of its American depositary shares or ordinary shares. The program is set to run through the end of the last business day of the first quarter in 2024, adhering to the Securities Exchange Act of 1934 and the company's insider trading policies.
The repurchase of shares by AMTD Digital will be conducted on an opportunistic basis, subject to market conditions. The company will engage in transactions on the open market at prevailing prices, through privately negotiated deals, block trades, or other lawful methods. All repurchases will comply with the Securities and Exchange Commission's Rule 10b-18 and Rule 10b-5, ensuring proper conduct of the buybacks.
AMTD Digital's board will closely monitor the repurchase program and may make adjustments to its terms and size as deemed appropriate. The company's decision to repurchase shares reflects a strategic move within its financial management practices.
Headquartered in France, AMTD Digital operates as a one-stop digital solutions platform, offering services across digital solutions, digital media, content and marketing, digital investments, and hospitality and VIP services. It serves as the central hub for the AMTD SpiderNet ecosystem, which aims to empower and integrate its various digital business entities.
This news article is based on a press release statement from AMTD Digital Inc.
InvestingPro Insights
In light of AMTD Digital Inc.'s (NYSE:HKD) recent announcement of its share repurchase program, investors may be looking for additional data to understand the company's financial position and market valuation. According to InvestingPro metrics, AMTD Digital holds a market capitalization of $730.36 million and is trading at a P/E ratio of 24.87, which adjusts to 26.84 when considering the last twelve months as of Q4 2023. The company's revenue growth is notably robust, with a 30.85% increase over the last twelve months leading up to Q4 2023, and an even more impressive quarterly revenue growth of 54.99% for Q4 2023.
Moreover, AMTD Digital is trading at a low P/E ratio relative to near-term earnings growth, suggesting potential for investors seeking value opportunities. This is complemented by the fact that the company's stock is trading near its 52-week low, which could indicate a buying opportunity for value investors. These InvestingPro Tips hint at a company that, despite recent price declines, may have strong fundamentals. For those interested in a more comprehensive analysis, InvestingPro offers additional tips on AMTD Digital, which can be accessed at https://www.investing.com/pro/HKD. There are 11 additional InvestingPro Tips available, providing investors with a deeper dive into the company's financial health and market potential.
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