China Information Technology plans property sale, company share buyback

Jianghuai Lin, EO of CNIT, said, "With our successful transition to a cloud-based asset-light business model, we no longer need a large physical property. We believe that it will add more shareholder value by selling the Fuyong Industrial Park than holding it. Proceeds from the sale will drasti...

Full description

Saved in:
Bibliographic Details
Published in:Telecomworldwire 2014-11
Format: Article
Language:English
Subjects:
Boards of directors
Information technology
Securities buybacks
Stockholders
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Jianghuai Lin, EO of CNIT, said, "With our successful transition to a cloud-based asset-light business model, we no longer need a large physical property. We believe that it will add more shareholder value by selling the Fuyong Industrial Park than holding it. Proceeds from the sale will drastically improve our balance sheet and enable us to launch the expansion of our new media advertising business. In addition, we are initiating a share repurchase program to demonstrate our commitment to increasing shareholder value and our confidence in CNIT's future growth."
ISSN:1363-9900