51job.com's (JOBS) shareholders have approved a stock repurchase program.
Under the program, the company is authorized to repurchase up to US$25 million worth of outstanding American Depositary Shares from time to time over a period of 12 months commencing from May 26, 2005.
The repurchases may be made in the open market, depending on market conditions and other factors. The stock repurchase program may be suspended or discontinued at any time.
The stock repurchase program will be funded with the company's available working capital. As of March 31, 2005, the Company had cash and cash equivalents of approximately CNY848.7 million (US$102.5 million).
