NetDragon Websoft Inc. announced that they have bought back a total of 794,500 shares priced at an average of HK$17.79 on 22 July 2013. The number of shares that were purchased represented approximately 0.155% of the existing NetDragon issued share capital. NetDragon Websoft Inc recently announced the plans for a proposed disposal of 57.41% in 91 Wireless Websoft Limited to Baidu Holdings Limited Inc. The move is for a consideration of US$1.09 billion or approximately HK$8.46 billion.Upon completion of the transaction, the proceeds will enhance NetDragon's earnings and will broaden the NetDragon's capital base. The Company plans to leverage this opportunity to continue investments in development and for the innovation of Internet and mobile games businesses. The company plans to explore cooperation opportunities with Baidu in other business areas.
Mr. Liu Dejian, Chairman and Executive Director of NetDragon, said, "The share buyback will benefit NetDragon's capital structure and its shareholders. This move also reflects the confidence the Board of Directors and management team have in the Company's business outlook and sustainable growth. We may consider further share buyback when the valuation is at an attractive level."
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