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Stock Market & Financial Investment News

News Breaks
October 23, 2012
08:08 EDTCOGOCogo Group agrees to sale of certain subsidiaries to CEO Jeffrey Kang
Cogo Group announced that it had entered into a definitive agreement for the sale of certain subsidiaries to its chairman and CEO Jeffrey Kang. The main terms of the deal are unchanged from the company's press release on September 24. On September 24, Cogo began executing a stock buyback program to repurchase its shares on the open market pursuant to a 10b5-1 plan. Given that Cogo's shares trade at approximately 35% of its Tangible Book Value of approximately $6 per share, as reported at the end of the second quarter of 2012, the company believes that a buyback program is a prudent use of cash.
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