The board of directors for ChinaEdu, an online education services provider in China, has approved a share repurchase program up to $10 million of its own American Depository Shares (ADSs).
The repurchase program was implemented as an effort to promote fair valuation of company stock.
“The board and management team’s decision to repurchase shares reflects our joint belief that that current share price levels do not accurately reflect the fundamental strength of the our business,” Julia Huang, ChinaEdu chairman and CEO stated in the press release. “We are confident that our management team will continue to leverage our core expertise in education and our nationally recognized brand name to develop new revenue streams, allowing the company access to the tremendous opportunities presented by the Chinese education market.”
The repurchases, all of which will be subject to U.S. securities regulations, may be made from time to time over a 24-month period. The share repurchase program will be funded with the company’s available working capital.
ChinaEdu’s primary aim is to provide comprehensive services to the online degree programs of leading Chinese universities. The company’s other lines of businesses include the operation of private primary and secondary schools, online interactive tutoring services, support for international curriculum programs, and online learning community for adult students.
For more information visit www.chinaedu.net
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