
Polysilicon producer Daqo New Energy has launched a US$120 million share buyback scheme after seeing its cash reserves swell.
Effective for one year until 31 May 2023, the board of directors has approved the company’s decision to repurchase stock it issued as well as outstanding shares in negotiated transactions off the market, in block trades or through other legal means allowed by US security laws.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Last month, the Chinese company received approval to make a private offering of Chinese shares of its Xinjiang Daqo subsidiary for a value of US$1.66 billion.
That move was made in order to support the expansion of its polysilicon project in Inner Mongolia, as the company had already sold out all its polysilicon stock for this year back in February.