Photovoltaic (PV) component producer JA Solar's board of directors have approved a share repurchase programme authorising the company to reacquire up to $100m of the company's American Depositary Shares (ADS). The arrangement is effective immediately and allows the company to purchase ADSs on the open market at prevailing rates, in negotiated transactions off the market and in block trades.
Peng Fang, CEO of JA Solar, said, 'We are confident in JA Solar's long-term prospects because we believe that our financial and technological strengths, long-term relationships with the major players across the solar value chain, and unique position as the low cost leader in the solar industry, mean that our company is well-placed to benefit as the sector recovers. Today's announcement demonstrates both that confidence for the future and our ongoing commitment to enhancing value for our shareholders.'
Last month, JA Solar moved a step closer to becoming vertically integrated when it made the $180m purchase of China-based Silver Age, a company that owns PV manufacturer Solar Silicon Valley. The company also partnered with Singapore-based MEMC Electronic Materials to construct a solar cell factory in China.