China Ming Yang (MY) Resumes $50M ADS Buyback, Chair Zhang to Buy Shares Also
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China Ming Yang Wind Power Group Limited (NYSE: MY), a leading wind turbine manufacturer in China, today announced its intention to continue purchasing shares pursuant to its previously announced share repurchase program.
In addition, the Company also announced that today Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang has initiated a program to purchase Ming Yang American Depository Shares ("ADSs") on the open market.
Under the program, Ming Yang is authorized to repurchase up to US$50 million worth of issued and outstanding ADSs representing Ming Yang's ordinary shares in the open market or in negotiated transactions, from time to time, depending on market conditions and other factors as well as subject to relevant rules under Untied States securities regulations. The share repurchase program will be funded by the Company's available working capital. As of September 30, 2011, the Company had cash and cash equivalents of approximately US$227.4 million.
In addition, the Company also announced that today Mr. Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang has initiated a program to purchase Ming Yang American Depository Shares ("ADSs") on the open market.
Under the program, Ming Yang is authorized to repurchase up to US$50 million worth of issued and outstanding ADSs representing Ming Yang's ordinary shares in the open market or in negotiated transactions, from time to time, depending on market conditions and other factors as well as subject to relevant rules under Untied States securities regulations. The share repurchase program will be funded by the Company's available working capital. As of September 30, 2011, the Company had cash and cash equivalents of approximately US$227.4 million.
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