Xinjiang Daqo To Repurchase Up To RMB400 Mln Worth Of Shares

(RTTNews) - Daqo New Energy Corp. (DQ), a manufacturer of high-purity polysilicon, announced on Tuesday that its unit Xinjiang Daqo New Energy Co., Ltd will repurchase RMB200 million to RMB400 million worth of outstanding shares by centralized bidding transactions, effective until August 22.

The firm will purchase the shares for a price not exceeding RMB50 per share and may repurchase less than 0.4 percent of its outstanding shares.

Xinjiang Daqo expects to fund the repurchase through its own funds and plans to use the repurchased shares for its share incentive plans.

In pre-market, shares of Daqo are trading at $35.49 up by 2.01% on the New York Stock Exchange.