Sinopec Oilfield Service (HK:1033) has released an update.
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Sinopec Oilfield Service Corporation plans to repurchase a portion of its A shares with a budget of RMB 40-50 million for the purpose of reducing registered capital, and to buy back H shares in the open market, subject to market conditions and within a six-month period. These moves are intended to increase earnings per share and overall shareholder returns. However, the company cautions that the share repurchase is not guaranteed and will depend on market factors.
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