LONDON (Alliance News) - Pacific Alliance China Land Ltd Friday said that it will distribute up to USD20.0 million to shareholders through a share repurchase, appointing Edmond de Rothschild Securities (UK) Ltd to manage the buyback.
In a statement, Pacific Alliance China Land said that the repurchase price will be disclosed on August 11. Shares will be purchased four days later.
Investors will also be given the opportunity to buy shares from selling shareholders at the repurchase price.
"If there is cash remaining from the share repurchase budget following the execution of all sell and buy orders, this remaining cash will be distributed through a future share repurchase or another method to be determined by the board," the company said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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