BEIJING, Sept. 14, 2011 /PRNewswire-Asia-FirstCall/ -- Charm Communications Inc. (NASDAQ: CHRM) ("Charm" or the "Company"), a leading advertising agency in China, today announced that its board of directors has approved a share repurchase program of up to US$10 million of its issued and outstanding American depositary shares ("ADSs").
The Company will implement this share repurchase program with an initial duration of 12 months. The repurchases will be made from time to time either on the open market at prevailing market prices or in block trades. The timing and extent of any purchases will depend upon market conditions, the trading price of its ADSs and other factors. The board of directors will periodically review the program and make adjustments to the share repurchase plan's terms and size. The board may also suspend or discontinue the repurchase program at any time. The Company expects to pay for the repurchased shares using internally available cash.
Mr. He Dang, founder, chairman and chief executive officer of Charm Communications, commented, "Our decision to implement this share repurchase program reflects our undiminished confidence in the strong growth prospects of our business and in China's advertising industry overall. Moreover, we view our ADSs as currently undervalued, and this program underscores our firm belief in Charm's growth momentum and our ongoing commitment to delivering long-term value to our shareholders."
Charm Communications Inc. (NASDAQ: CHRM) is a leading advertising agency in China. Charm operates its business under four brands: Charm Advertising, Charm Interactive, Charm Click and Shangxing Media. Under the Charm Advertising and Charm Interactive brands, Charm offers integrated advertising agency services from planning and managing advertising campaigns to creating and placing advertisements, and under Charm Click, Charm offers specialized search engine marketing services. Under the Shangxing Media brand, Charm has established a portfolio of television advertising media resources through its exclusive arrangements with premium national television channels, which include not only advertising time but also opportunities for placing branded content. Charm's clients include well-recognized brand names in China across many industries, as well as emerging domestic leading brands. In January 2010, Charm formed a consolidated joint venture with international 4A advertising group Aegis Media, its strategic investor, to operate its brand "Vizeum" in China. In October 2010, Charm also entered into agreement to establish a joint venture with Wasu Digital Group to operate all advertising-related businesses across Wasu's IPTV, 3G mobile TV and broadband TV network platforms. For more information please go to http://ir.charmgroup.cn.
SOURCE Charm Communications Inc.