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CityDev makes share buybacks at $9.485

Chan Chao Peh Published on Thu, Aug 16, 2018 / 9:18 PM GMT+8

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SINGAPORE (Aug 16): Property giant City Developments Limited (CDL) has bought shares from the open market for the first time. On Aug 16, the company bought 300,000 shares at an average price of $9.485, which is a discount of nearly 15% of its net asset value of $11.13 as of June 30.

“There is deep value in our shares and we have confidence in CDL’s strong fundamentals and future growth potential,” says CDL’s group CEO Sherman Kwek.

“Our robust balance sheet enables us to initiate our share buyback exercise to enhance returns for shareholders. We will continue to seek investments for CDL, capitalising on both internal and external opportunities,” he adds.