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WHEN City Developments Limited (CDL) tumbled below S$6.00 last month, I thought it might be time to buy the stock.
The company’s board and management evidently felt the same way. On Mar 8, CDL said it had initiated a share buyback programme.
“Global equities have been hit by macroeconomic headwinds, resulting in depressed valuations. Our share buyback programme demonstrates our confidence in CDL’s strong fundamentals and growth potential,” said the company’s chief executive Sherman Kwek.
Since Mar 8, CDL has spent nearly S$30.4 million repurchasing more than 5.1 million shares in the market. This translates to an average price of S$5.92 per share.
The share buybacks accounted for just…
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