BEIJING, June 30 /PRNewswire-Asia-FirstCall/ —
Concord Medical Services Holdings Limited (“Concord Medical” or the
“Company”) (NYSE: CCM), operator of the largest network of
radiotherapy and diagnostic imaging centers in China, today announced that its board of
directors approved a share repurchase program, effective
immediately.
Under the program, Concord Medical is authorized to repurchase
up to US$20 million worth of
outstanding American depositary shares (“ADSs”) from time to time
depending on market conditions and other factors as well as subject
to relevant rules under United
States securities regulations. The share repurchase program
will be funded with the Company’s available working capital. As of
March 31, 2010, the Company had
approximately 49.2 million ADSs outstanding and cash of
approximately RMB993.6 million, or
$145.6 million(1).
(1) This announcement contains the translation of a certain RMB amount
into U.S. dollars at a specified rate solely for the convenience of
the reader. The translation from RMB to U.S. dollars is made at a
rate of RMB6.8258 to US$1.00, the effective noon buying rate as of
March 31, 2010 in The City of New York for cable transfers of RMB as
certified for customs purposes by the Federal Reserve Bank of New York.
About Concord Medical
Concord Medical operates the largest network of radiotherapy and
diagnostic imaging centers in China
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