Huazhu share repurchase authorization rises to USD 80 million
Huazhu has authorized additional repurchases of its own outstanding American Depositary Shares, bringing the company's available repurchase authorization to US$80 million.
Huazhu (China Lodging Group) announced on Thursday night that its board of directors has authorized additional repurchases of its own outstanding American Depositary Shares ("ADSs"), bringing the company's available repurchase authorization to US$80 million.
Under the prior share repurchase program (up to US$40 million) approved on April 20, 2015, the hotel chain group repurchased approximately 0.77 million ADSs with an aggregate purchase price of US$17.5 million as of March 15, 2016. Now, the company's share repurchase program will extend for another 12-month period with an aggregate amount up to US$80 million.
"Strong operating performance continues to generate cash flow and financial strength for our company," commented Mr. Qi Ji, founder, executive chairman of board of directors of the company. "The strong cash flow illustrates upon our future growth for hotel expansion and other strategic investments as well as our commitment to return to shareholder. This affirms our commitment to maximizing shareholder value."
On the same day the company also announced that Ms. Hui Chen has resigned as chief financial officer for her personal reasons. Mr. Teo Nee Chuan will act as new chief financial officer.
In addition, the company announced that after serving for more than five years as an independent director and a member of the Audit Committee and the Compensation Committee, Mr. Joseph Chow has resigned from the board of directors for his personal reasons, effective March 16, 2016.