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Eddie Precision Machinery to Buy Back Up to 200 Million Yuan Worth of Shares

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Yantai Eddie Precision Machinery (SHA:603638) plans to repurchase shares worth between 100 million yuan and 200 million yuan, according to a Shanghai bourse filing on Friday.

About 3.6 million shares to 7.1 million shares, which represents 0.41% to 0.81% of the company's total shares, will be bought back for up to 28 yuan each.

The share buyback will be implemented within 12 months through centralized bidding after the board of directors' approval.

The repurchased shares will be used for an employee stock ownership plan or equity incentive.

The machinery company's shares slipped 1% during the afternoon trade.

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