HTC to buy back shares, give to employees

TAIPEI, TAIWAN: Smartphone maker HTC said it plans to buy back up to 10 million of its own shares at a price range of T$526 ($16) to T$631 each before September 12.

It plans to give the shares to employees, it said in a statement filed to the Taiwan stock exchange late on Sunday.

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The shares last closed at T$526. With this announcement, HTC shares surged 6 per cent on Monday. The main TAIEX share index  was up 27.01 points to 7,674.26 at the opening bell, after a 4 per cent gain last week.