Emaar acquired 200,000 of its own shares yesterday as the developer began its long-awaited buy-back programme.
In September, Emaar said it would begin buying back up to 10 per cent of its 6.1 billion shares following the publication of its third-quarter results, which were subsequently released last week. Emaar bought shares in two tranches of 100,000, paying Dh5.60 per share for the first batch and Dh5.50 per share for the second. The buy-back must be completed by December 25.
Emaar has embarked on the buy-back after stating it believes its shares are undervalued in the market. The purchases will be funded from its available cash balance. Emaar's shares have fallen 66 per cent this year and dropped 9.25 per cent to a 46-month low of Dh5.10 yesterday. It is the fourth-worst performer on the DFM this year.
Source - © Emirates Business 24/7 [28 October 2008]
In September, Emaar said it would begin buying back up to 10 per cent of its 6.1 billion shares following the publication of its third-quarter results, which were subsequently released last week. Emaar bought shares in two tranches of 100,000, paying Dh5.60 per share for the first batch and Dh5.50 per share for the second. The buy-back must be completed by December 25.
Emaar has embarked on the buy-back after stating it believes its shares are undervalued in the market. The purchases will be funded from its available cash balance. Emaar's shares have fallen 66 per cent this year and dropped 9.25 per cent to a 46-month low of Dh5.10 yesterday. It is the fourth-worst performer on the DFM this year.
Source - © Emirates Business 24/7 [28 October 2008]
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