The enactment of section 67A to the Companies Act of Malaysia allows its publicly listed companies to buy-back their own shares. This was seen as necessary to provide for a stabilization of the supply and demand, as well as the price, of shares that are listed on both the Kuala Lumpur Stock Exchange and the Malaysian Exchange of Securities Dealing and Automated Quotation. However, although apparently simple in its presentation, section 67A contains a number of unresolved enigmas. This article examines the regulatory framework with respect to share repurchases by listed companies in Malaysia. It commences with an overview of the legal and economic rationale for share buy-backs before proceeding to discuss the pertinent features of the current framework and drawing comparisons with other jurisdictions. The article thereafter elaborates upon specific proposals that are necessary to address the shortcomings that are identified. It concludes with a summary of the principal recommendations which will simultaneously simplify the existing framework as well as enhance the protection of shareholders and creditors of the company.