Buybacks: Gushan Environmental Authorizes $5 Million
October 12, 2010 (FinancialWire) — Gushan Environmental Energy, Ltd. (NYSE: GU), a producer of biodiesel in China, said that its board of directors has approved a share repurchase program effective October 7.
Under the terms of the approved program, the company may repurchase up to $5 million worth of its issued and outstanding American Depositary Shares through its subsidiary, Gushan Holdings Ltd.
The company said it expects to implement this share repurchase program over 12 months from its effective date.
New York-based Gushan produces biodiesel primarily from vegetable oil offal and used cooking oil, and by-products from biodiesel production, including glycerine, plant asphalt, erucic acid and erucic amide.
Gushan sells biodiesel directly to users, such as marine vessel operators and chemical factories, as well as to petroleum wholesalers and individual retail gas stations.
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