ChinaCache Announces Share Repurchase Plan
ChinaCache International Holdings Ltd. (Nasdaq: CCIH) announced today that its Board of Directors approved a share repurchase plan. Under the plan, ChinaCache is authorized to repurchase, through open market purchase or privately negotiated transactions, up to US$10 million worth of outstanding American Depositary Shares representing the ordinary shares of ChinaCache over the next 12 months, depending on market conditions, share price and other factors, subject to relevant rules and regulations under the U.S. securities laws.
The share repurchase plan will be funded by the Company's available cash balance. As of March 31, 2012, the Company had cash and cash equivalents of approximately US$59.7 million.
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