MY Continues Repurchasing of Shares, and Chairman Announces Purchase of ADSs
Resource from: CBCC Likes:2987
Dec 23,2011
China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company"), 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.
"Our commitment to the Company's repurchase program and my own decision to purchase additional ADSs of the Company both reflect our belief in the soundness of our business fundamentals and the ongoing strength of our core business," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang. "We believe repurchases of our shares at the current price level would be highly accretive to our shareholders."
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.
About China Ming Yang Wind Power Group Limited
China Ming Yang Wind Power Group is a leading and fast-growing wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines. Ming Yang produces advanced, highly adaptable wind turbines with high energy output and low energy production costs and provides customers with comprehensive post-sales services. Ming Yang cooperates with aerodyn Energiesysteme, one of the world's leading wind turbine design firms based in Germany, to develop wind turbines and share intellectual property rights. Ming Yang's key customers include the five largest state-owned power producers in China, with an aggregate installed capacity accounting for more than 50% of China's newly installed capacity in 2010.
(CBCC)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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