Cogo Group, Inc. Equity Buyback in the amount of $21.54 mm has expired
December 31, 2012 at 12:00 am
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The Board of Directors of Cogo Group, Inc. (NasdaqGS:COGO) authorized a share repurchase program on February 4, 2010. Under the program, Cogo Group will repurchase up to 5,000,000 shares, on the open market or in negotiated transactions. The timing and the amount of any repurchases will be determined by the management, based on its evaluation of market conditions and other factors. There is no time limit for the stock repurchases, nor is there a minimum number of shares that it intends to be repurchased. The program may be suspended or discontinued at any time without prior notice.
On June 29, 2011, Cogo Group authorized Rule 10b5-1 plan of the Securities and Exchange Commission to facilitate the repurchase of its shares during the trading days of July 1, 2011, to August 9, 2011. The plan allows for the repurchase of shares during the time following the close of a quarter and the announcement of quarterly financial results.
On March 15, 2012, the company announced that the sale of certain stake in the company to Jeffrey Kang, Chairman and Chief Executive of the company. The proceeds from the sale will be used by the company to buy back shares under the plan.
Cogo Group, Inc.'s share repurchase program expired on December 31, 2012. The company has repurchased 4,439,507 shares for $21.54 million.
Viewtran Group, Inc. provides supply chain financial services and enterprise solutions for the technology industry in China. The Company works with manufacturers and distributors to provide working capital and financing programs. The Company's services and solutions include Financial Services and Enterprise Solutions. The Company provides supply chain financial services to its customers. The Company's enterprise solutions service is a combination of (non-component) equipment system procurement, system software development, and technical deployment and maintenance services. The Company works with manufacturers to provide its customers, such as pure software development, technical deployment services or a combination of hardware, software and technical services.