Business | Markets
Emaar announces buyback to boost share price
Emaar Properties announced on Saturday it would implement a programme to buy back shares, which have fallen by nearly 50 per cent this year.
- Agencies
- Published: 17:30 September 13, 2008
Dubai: Emaar Properties announced on Saturday it would implement a programme to buy back shares, which have fallen by nearly 50 per cent this year.
The buyback programme will not be implemented before October 1 in line with the UAE Securities and Commodities Authority's regulation that companies cannot execute any share buyback 15 days before the end of the financial quarter, the company said in a statement.
"The decision taken by the board of directors to buy back Emaar shares reflects our firm belief that those shares are currently undervalued in the marketplace," said the firm's chairman, Mohammad Alabbar.
"Recent declines in regional markets are largely not in line with the fundamentals of the majority of companies listed here, including Emaar. Rather, the recent performance of the markets here reflects global trends such as credit crisis and global economic slowdown that affect investors' sentiments," he said.
Shares of Emaar Properties fell 3.57 per cent to Dh7.57 on Thursday.
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