Abu Dhabi – Mubasher: Eshraq Properties announced that it has repurchased 1 million shares as part of its buy-back programme approved by the Securities and Commodities Authority (SCA) on 9 October 2018.
The real estate firm repurchased the share at AED 0.49 through ADIB Securities, according to a filing to Abu Dhabi Securities Exchange (ADX).
Last week, the Abu Dhabi-based property developer bought 1.03 million shares for AED 0.51 per share.
In October, Eshraq Properties’ shareholders had approved the board’s recommendation to repurchase no more than 10% of the company’s capital with the intent to resell them.
Shareholders delegated the board to carry out the necessary legal procedures to execute the repurchase procedures.
Eshraq reported an increase of 7% in profits to AED 28.2 million in the nine-month period in 2018 compared to AED 0.7 million in the corresponding period in 2017.
By 12:22 pm UAE time, Eshraq Properties’ stock fell 8.42% at AED 0.46.
