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Cogo Group Inc. (COGO) Has Jumped To A 7-Month High On CEO's Proposal

Cogo Group Inc. (COGO) announced after the bell Thursday that its founder, CEO and Chairman, Jeffrey Kang, proposed to the Cogo Board of Directors that he purchase a series of operating entities accounting for approximately 30% of Cogo's total assets. The total purchase price is expected to be between $60 million and $82 million.

The company also reported fourth quarter non-GAAP EPS of $0.13, down from $0.24 in the previous year.

Cogo Group gapped up sharply Friday and is currently higher by 1.61 at $3.55 on strong volume. The stock has broken out to a 7-month high.

by RTTNews Staff Writer

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