PEKING (dpa-AFX) - Ctrip.com International, Ltd. (CTRP) announced that its board has approved a new share repurchase program whereby Ctrip may purchase its own American depositary shares or ADSs with an aggregate value of up to US$300 million.
The company said it expects to fund the repurchase out of its existing cash balance, including cash dividends that it receives from its PRC subsidiaries. The dividends paid by the Company's PRC subsidiaries to the Company through its Hong Kong subsidiary will be subject to a 5% PRC withholding tax amounting up to US$15 million, which will decrease the company's diluted consolidated earnings per ADS by about US$0.10 for the quarter affected.
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