Sina CEO to Buy $456 Million in Shares
By firstname.lastname@example.org (InfoseekChina)
(WSJ) Chinese social-media company Sina Corp. said Monday that Chief Executive Charles Chao has agreed to buy $456 million in newly issued shares.
Mr. Chao will buy 11 million shares, adding to the 191,000 he held at the end of the first quarter. The average purchase price of $41.49 a share represents a 1% premium over Friday’s closing price.
In early trading Monday, shares surged 21% to $49.37, putting its gain for the year at about 33%.
Sina said Mr. Chao has agreed to a six-month lockup restriction.
In its news release Monday, the company didn’t comment on its plans for the capital.
Source: Wall Street Journal by Lisa Beilfuss
Source:: Sina CEO to Buy $456 Million in Shares
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