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ChinaEdu to buy back up to $5 million of ADS

By Associated Press
June 11, 2008 | Comments (0)

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ChinaEdu Corp., which provides educational services in China, said Wednesday its board has authorized the repurchase of up to $5 million of American depositary shares.

Repurchases may be made from time to time over the next 12 months, the company said.

ChinaEdu plans to fund the buyback using available working capital.

As of March 31, the company had about $61.6 million in cash and cash equivalents and 20.9 million outstanding ADS, according to a regulatory filing.

Shares of the Beijing-based company added 1 penny to $4.67 in afternoon trading.

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