BEIJING, June 5, 2013 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions in China, today announced that its Board of Directors has authorized a share repurchase program.
AutoNavi has been authorized, but not obligated, by its board of directors to repurchase up to 2.5 million of the Company's American depositary shares ("ADSs") within 12 months, beginning from June 5, 2013. The repurchases may be made from time to time on the open market at prevailing market prices pursuant to a 10b5-1 plan (which allows AutoNavi to repurchase its ADSs pursuant to the pre-determined terms under the plan at any time, including periods in which it may be in possession of material non-public information), in negotiated transactions off the market, in block trades or otherwise. The timing and extent of any purchases will depend upon market conditions, the trading price of its ADSs and other factors, and are subject to the restrictions relating to volume, price and timing under applicable law. AutoNavi expects to implement this share repurchase program in a manner consistent with market conditions and the interests of the Company's shareholders. AutoNavi's Board of Directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size accordingly. AutoNavi plans to fund repurchases made under this program from its available cash balance.
"The board's decision to buy back AutoNavi's ADSs reflects our belief that our ADSs are presently undervalued in the marketplace," said Mr. Congwu Cheng, chairman and chief executive officer of AutoNavi. "We also believe that this share repurchase plan reflects our commitment to creating shareholder value as well as the confidence we have in the Company's growth prospects. Furthermore, our strong cash position enables us to continue to reinvest in our business to enrich our digital map content, develop and promote our mobile offerings, and capture emerging opportunities in the mobile Internet space."
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