WSP Holdings Ltd., a Chinese manufacturer of oil and natural gas exploration and drilling products, said Wednesday its board has approved a repurchase program of up to $10 million in American Depositary shares.
WSP Holdings is authorized to repurchase up to $10 million of outstanding ADS, each representing two ordinary shares of the company. The buyback will take place over the next six months, in the open market or through privately negotiated transactions.
The company had 205.8 million ordinary shares outstanding as of its latest count on Dec. 31, 2008, according to a filing with the Securities and Exchange Commission.
The program may be suspended or discontinued at any time.
WSP shares rose 18 cents, or 5.3 percent, to $3.55 in afternoon trading.