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CDC Announces US$20 Million Stock Repurchase Program
November 10, 2005 |
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CDC Corporation (CHINA) announced that its Board of Directors approved a US$20 million stock repurchase program to replace its previous US$20 million stock repurchase program.
The company's Non-GAAP cash and cash equivalents net of total debt as of Q2 2005 was approximately US$221 million.
CDC had approximately 111 million shares of common stock outstanding as of October 31, 2005.
CDC's 81% owned subsidiary, China.com Inc, recently announced its own US$13 million stock repurchase plan. It has also announced plans to establish an American Depositary Receipt (ADR) program in the United States in order to raise its global profile, broaden its shareholder base, and enhance the liquidity of its shares.
The timing of stock repurchases and the exact number of shares of common stock to be purchased will depend upon prevailing market conditions and other factors as well as subject to applicable regulations. Repurchases under this program will be made using the company's own cash resources and may be commenced or suspended at any time or from time-to-time at management's discretion without prior notice.
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