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Thursday, 28 August 2008 08:29 |
Giant Interactive, the Chinese online game company, will repurchase USD 150 million worth of its shares in the US in a move recently approved by its board of directors, according to the company’s president and CEO, Shi Yuzhu. The move, announced earlier this month, will be executed in a phased program, over a period to be determined by market conditions, trading price and any legal restrictions limiting the repurchase of shares. Phasing the repurchase program will allow the board to review and adjust the time and scale of repurchase to match the company’s interests and in accordance with market trends.
Giant Interactive recently acquired a 25% stake in the popular Chinese Social Networking Site, 51.com, which claims to be China’s largest SNS with a user base of 102 million reported by some sources on the web in recent months. CEO, Shi Yuzhu has been reported saying that he believes online game companies’ success in the industry will depend largely on the integration of social network and community features. Giant expects to greatly expand its user base with the recent acquisition of 51.com and with the new, integrated services.
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Last Updated ( Thursday, 28 August 2008 09:02 )
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