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Renren board OKs new $100M stock buyback program

NEW YORK (AP) -- Chinese online social network operator Renren Inc. said Friday that its board approved a new stock buyback program that will allow the company to repurchase up to $100 million of its American depositary shares over the next year.

Renren said the program replaces its previous $150 million program that started in 2011 and is nearly complete. It plans to fund the buybacks from its available cash balance.

Renren shares rose 7 cents, or 2.3 percent, to $2.90 in premarket trading. The stock has changed hands between $2.52 and $4.79 in the past 52 weeks.