logo
Share SHARE
FONT-SIZE Plus   Neg

China Information Tech. Terminates Share Buyback; CEO Inks $2 Mln Purchase Plan

China Information Technology Inc.'s (CNIT: Quote) board has approved the termination of its stock purchase plan. At the same time, the company's chairman and chief executive, Jiang Huai Lin, adopted a new $2 million purchase plan. Also, Lin agreed to buy 1.08 million shares in a private transaction outside the purchase plan at a purchase price per share of $1.20.

The company has nearly 27.0 million shares outstanding, around 41.0% of which are currently held by Lin, excluding the pending acquisition of about 1.1 million shares.

Lin noted, "To reemphasize my commitment to the Company and my belief in its potentially strong future, I have decided to continue the increase in my equity holdings in the Company by reinitiating my purchases under our purchase plan and making a separate private purchase. At the same time, the termination of the Company's share repurchase plan will enable it to devote more resources to other priorities such as marketing and research and development."

The company said that the purchase plan may continue until September 2012 unless extended or shortened by the parties.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Hartford Financial reported a decline in first-quarter profit, despite growth in premiums, due mainly to the absence of gains recorded last year. Apple Inc. said Monday after the markets closed that its second quarter profit rose 33% from last year, driven by strong sales of iPhone and Mac as well as all-time record performance of the App Store. The company's quarterly earnings per share also breezed past Wall Street expectations as did its quarterly sales. C.H. Robinson Worldwide Inc. (CHRW), one of the largest transportation logistics firm in North America, Monday reported an increase in first-quarter profit, driven largely by a 5 percent revenue growth. However, earnings for the quarter fell short of Wall Street estimates by a penny, as did revenues. Eden...
comments powered by Disqus
RELATED NEWS
Trade CNIT now with 
Follow RTT