For-profit business school operator ChinaCast Education Corp. on Wednesday said its senior management team will buy $5 million in company shares.
In a deal dated Monday, Chairman and CEO Ron Chan Tze Ngon, Chief Financial Officer Antonio Sena and President-International Michael Santos agreed to buy 692,520 shares of common stock through a private placement at $7.22 per share.
That was equal to the Nasdaq-listed stock's closing price on Friday. Shares closed Tuesday at $7.03.
The purchase was made through Thriving Blue Ltd. of the British Virgin Islands.
The Beijing-based company, which operates two schools in China and online programs, intends to use the proceeds for future acquisitions and general corporate purposes.