06 July 2012 | News | By BioSpectrum Bureau
China Cord Blood Corporation Continues Share Repurchase Program
Singapore: China Cord Blood Corporation repurchased an aggregate of 2,191,412 ordinary shares for a total consideration of approximately $6.2 million since August 2011. The total number of shares repurchased represents approximately 41 percent of the total $15 million authorized under the existing buyback program, which was authorized by the board in August 2011, leaving approximately $8.8 million still available for repurchase.
China Cord Blood, which is the first and largest cord blood banking operator in China, recorded a growth of $15.8 million during the fourth quarter and fiscal year ending March 31, 2012
Ms Ting Zheng, chairperson and CEO, China Cord Blood Corporation, stated that "Our most recent full-year results have once again demonstrated our ability to achieve and surpass corporate objectives and financial targets. Our strategy to emphasize upfront payment for cord blood banking services has already yielded tremendous success, as evidenced by the Company's greatly increased cashflow."
Ms Zheng further said that, "We have also made good progress in capacity expansion and with the new Zhejiang operation. In light of our optimistic outlook and to demonstrate our commitment toward enhancing long-term shareholder value, we are delighted to seize this window of opportunity to buy back shares and remain committed to continue doing so as opportunities arise."