Known to some investors as the Chinese Facebook, Renren Inc (NYSE: RENN) is an American Depository of the Chinese social networking company. Shares for RENN are trading higher than 5% this morning as the company plans to buy back up to $150 million of American depositary shares over the next year!
“We believe this share repurchase program is in the best interest of Renren and our shareholders. We are confident about the company’s long-term growth prospects as the market leader in the real name social networking services in China and will continue to focus on the execution of our business strategy to benefit from the growth opportunity in this sector,” said Chairman and CEO Joseph Chen, in a statement. Get my next ALERT 100% FREE
RENN expects to implement this share repurchase program in a manner consistent with market conditions and the interest of its shareholders. Renren’s board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. Renren plans to fund repurchases made under this program from its available cash balance. (Read more)
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