China Direct Buys Back 1.5 Million Common Shares
The shares purchased by China Direct Industries, both in a private transaction and in the open market, accounted for around 6.3% of its total outstanding shares of the company, at an average price of around $1.32 per share, totaling around $2.1 million. The repurchased shares will be cancelled.
Additionally, in a private transaction unrelated to the purchases made by the company, Yuwei Huang, EVP of the company's magnesium operations and a director of the company purchased 500,000 shares of the company's common stock.
Deerfield Beach, Florida-based China Direct is a holding company operating in China in two core business segments, pure magnesium production and distribution and distribution of basic material production in China.
The company also provides advisory services to China based companies in competing in the global economy. China Direct operates ten subsidiaries throughout China.
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