China Jushi Co., Ltd. (SHSE:600176) announces a share repurchase program. Under the program, the company will repurchase up to 40,000,000 A shares, for CNY 880 million worth of its shares. The shares will be repurchased at a price of not more than CNY 22 per share.
The repurchased shares are intended to be used for Employee Stock Ownership Plan or Equity Incentive. The program will be funded out of the company's own funds and Self-Raised Funds. The program will be valid till 12 months from the date of approval by shareholders.
China Jushi Co Ltd is a China-based company principally engaged in the research and development, manufacture and distribution of fiberglass and related products. The Company's main product is fiberglass mats and woven roving. The Company also provides high performance hybrid fiber, fiberglass products for continuous profiles, fiberglass products for compression molding, fiberglass products for open molding, fiberglass products for pipes, fiberglass products for fabrics and mats, glass yarns, fiberglass products for other processes and electronic fabrics. The Company's products are widely applied in aerospace, construction, transportation, industrial equipment, wind power generation and other areas. The Company distributes its products in domestic and overseas markets.
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