Giant Interactive plans buyback of $50M in shares

Giant Interactive plans buyback of $50 million in shares over next 12 months

Associated Press

NEW YORK (AP) -- Chinese online game developer Giant Interactive Group Inc. said Monday that its board of directors has approved a plan to repurchase up to $50 million of its U.S.-traded shares, or American Depository shares, over the next year.The company said in a statement that it believes that its "current share price levels do not fully reflect our recent performance and future growth prospects."Shares fell 19 cents, or 5.4 percent, to $3.32 in morning trading. The shares have ranged from $3.25 to $9.45 in the past 12 months.

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