RTTNews | Mar 28, 2021 08:53PM EDT

20:52 Sunday, March 28, 2021 (RTTNews.com) - Tencent Music Entertainment Group (TME) said that its board has authorized a share repurchase program by which the company may repurchase up to $1 billion of its Class A ordinary shares in the form of American depositary shares.

Tong Tao Sang, Chairman of the Board, said, "The Share Repurchase Program is a strong indication of the Board's confidence in the Company's business outlook and long-term strategy, and we believe it will ultimately benefit TME and create value for its shareholders."

The company plans to fund repurchases from its existing cash balance.

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