HRnetGroup issuing treasury shares to staff as part of remuneration package

RECRUITING and consulting company HRnetGroup will be issuing a total of 98,020 treasury shares to some of its employees as part of their remuneration package, it said in a bourse filing on Wednesday (Oct 26).

The total value for the issued shares is S$63,280, derived based on a price of S$0.6456 per ordinary share. This represents a 10 per cent discount of S$0.7173, which is the weighted average price for trades executed on Wednesday.

The shares issued will effectively be a placement to the relevant employees, and treated as the cash remuneration they would otherwise receive.

Treasury shares refer to outstanding shares on the open market that has been bought back from stockholders by the issuing company. 

The issuance of these shares is not an interested person transaction and is not expected to give rise to any material financial impact on the group for the current financial year. 

HRnetGroup’s share price rose 0.7 per cent, or S$0.005, to close at S$0.72 on Wednesday.