Pactera Technology International Ltd said that its board of directors approved a stock redemption plan valued at $30 million.
The company plans to repurchase the stocks in the next 12 months. The news made the company's shares increase 9 percent in three consecutive trading days.
Based in Dalian, Liaoning province, Pactera is the largest outsourcing company in China and was formed after the merger of VanceInfo and HiSoft in November 2012.
The company's main businesses include IT consulting and outsourcing services to global clients.
Contact the writers at wuyong@chinadaily.com.cn and liuce@chinadaily.com.cn.
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