SHANGHAI,PRC - September 19, 2012 - Giant Interactive Group Inc. (NYSE: GA) ("Giant" or "Company"), a leading Chinese online game developer and operator, today announced that its board of directors has recently approved a twelve-month extension for its previous share repurchase plan dated September 26, 2011 (the "Plan") which is set to expire at the end of September 2012. Upon such extension, Giant will continue to be authorized to repurchase up to the remaining balance of the US$50 million, its American Depositary Shares, or ADSs, over the next twelve months, from time to time, in open-market purchases on the NYSE Euronext at prevailing market prices, in trades pursuant to a Rule 10b5-1 repurchase plan, or otherwise, in accordance with applicable federal securities laws, including the anti-manipulation provisions of Rule 10b-18, promulgated under the U.S. Securities Exchange Act of 1934, as amended. The timing and extent of any purchases will depend upon market conditions, the trading price of Giant's ADSs and other factors, including customary restrictions on share repurchases. The repurchase program does not obligate Giant to make repurchases at any specific time or situation. As of the date of this press release, the Company has paid US$7,235,757.76 and repurchased 1,744,909 ADSs under this Plan.
Mr. Yuzhu Shi, Giant's chairman and chief executive officer said, "Given the impressive growth to date of our new flagship ZT Online 2 game, our solid pipeline of new games in various genres, high margins and health cash flows, and continuous opportunities in the Chinese and global online game market, we believe current share price levels do not fully reflect our recent performance and future growth prospects. We have always been committed to creating value for our shareholders by returning capital in the form of dividends, such as our US$3.00 per ADS special cash dividend paid in September 2011, and US$0.30 per ADS regular dividend paid in March and April 2012, and through implementing share repurchase programs from time to time if they are in the best interest of our shareholders. We believe these actions reflect our sound financial position, and will enhance shareholders' return as we aim to increase the value of our Company."
About Giant
Giant Interactive Group Inc. (NYSE: GA) is a leading online game developer and operator in China in terms of market share, and focuses on massively multiplayer online role playing games. Currently, Giant operates multiple games, including ZT Online 1 Series, ZT Online 2, Giant Online, XT Online, The GoldenLand, Elsword, and Allods Online. For more information, please visit Giant Interactive Group on the web at www.ga-me.com.
Safe Harbor Statement
Investor Contacts: | |
Giant Interactive Group, Inc. Rich Chiang, IR Director T: +86-21-3397-9959 | Giant Interactive Group, Inc. Kristie Chen, IR Manager T: +86-21-3397-9971 |
Fleishman-Hillard Hon Gay Lau T: +852-2530-0228 |
distributed by |