Daqo New Energy gains on 5-yr supply contract in China, share buyback

Daqo New Energy

07/11/2022 11:42

** Shares of polysilicon manufacturer Daqo New Energy Corp
 DQ.N  up 2.6% at $47.30 in pre-market trade
    ** Co says its subsidiaries Xinjiang Daqo and Inner Mongolia
Daqo have signed a five-year high-purity polysilicon supply
agreement with a 'leading' solar manufacturing company in China
    ** DQ will supply a total amount of 137,000 MT high-purity
mono-grade polysilicon from November 2022 to December 2027
    ** Co also announces a $700 mln share repurchase program
    ** Upto last close, stock had risen 14.4% YTD
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))