Zyxel Communications to repurchase shares for RMB 1.22 bln

Zyxel Communications Corp, Taiwan's leading wireless facilities producer, will buy back part of its publicly traded shares for as much as RMB 1.22 billion from March 12 to May 9 this year, said the company in a statement with the Taiwan Stock Exchange today.

The statement said the producer will spend about RMB 5.8 or RMB 10.8 apiece to buy back 30.7 million shares, equivalent to 5.86% of the amount of its launched shares, which will be eventually transferred to its employees.

The deal, which has got approval from the board meeting, came after a 21.7 million shares repurchase between November and February.

Founded in 1989, the Taiwan-based Zyxel works on researching and developing, manufacturing and selling of high-end modem and other special integrated circuit chips, WAN & Regional network equipment and other components. It is now the leading provider of complete broadband access solutions for service providers, as well as business and home users and operates 29 sales offices and 3 R&D centers worldwide.