SAN JOSE, Calif. and SINGAPORE, April 11, 2013 (GLOBE NEWSWIRE) -- Avago Technologies Limited (Nasdaq:AVGO), a leading supplier of analog interface components for communications, industrial and consumer applications, today announced that its Board of Directors has approved a share repurchase program for 2013 authorizing the Company to repurchase up to 20 million of its ordinary shares. This replaces the 2012 share repurchase program for up to 15 million shares announced by the Company on April 5, 2012, which expired immediately prior to the Company's 2013 annual general meeting of shareholders on April 10, 2013.
The 2013 share repurchase program was adopted pursuant to the share purchase mandate approved by the Company's shareholders at its 2013 annual general meeting. The share purchase mandate authorizes the repurchase by the Company of up to 10 percent of its outstanding ordinary shares up to the date of the Company's 2014 annual general meeting.
The 2013 share repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended or terminated at any time without prior notice. Share repurchases, if any, will be made in the open market at such times and in such amounts as the Company deems appropriate. The Company intends to effect any such share repurchases in compliance with Securities and Exchange Commission Rule 10b-18 or pursuant to a trading plan adopted pursuant to Rule 10b5-1. The timing and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable legal requirements.About Avago Technologies Limited Avago Technologies Limited is a leading designer, developer and global supplier of a broad range of analog semiconductor devices with a focus on III-V based products. Our product portfolio is extensive and includes thousands of products in three primary target markets: wireless communications, wired infrastructure and industrial & other.