AsiaInfo (ASIA) announced that its Board of Directors has authorized a stock repurchase program under which AsiaInfo may repurchase up to 5,000,000 shares. This accounts for approximately 11% of its outstanding common stock at a par value of US$0.01.

"The establishment of this stock repurchase program reflects the confidence our management and Board of Directors have in AsiaInfo's future," said Xingsheng Zhang, AsiaInfo's President and Chief Executive Officer.

Under the program, AsiaInfo may, from time to time for a period of six months, depending on market conditions, share price and other factors, make one or more purchases, on the open market, or in privately negotiated transactions, subject to availability, of up to 5,000,000 shares of common stock. Such purchases under the program will be made in accordance with applicable law and subject to any required regulatory approvals. Any common stock repurchased by AsiaInfo will become part of its treasury stock and may be used by AsiaInfo to finance or execute acquisitions or other arrangements.


Please enter your comment!
Please enter your name here