Emaar Properties to sell 200,000 treasury shares
Developer flags sale as share price continues to rise in September
Emaar Properties, the UAE-based developer, has announced that it is to sell 200,000 of the company’s treasury shares, believed to be part of a share buyback first initiated in 2008.
The company made the disclosure to the Dubai stock exchange yesterday, referring to the “Regulatory Rules for the Purchase by a Company of its Own Shares”.
Emaar stocks rose 1.5% yesterday, furthering a five-day rally and reaching its highest value since mid-May. The developer of the Burj Khalifa has seen its shares climb more than 17% since the start of September as one of the leaders of the pack of project-based companies that has seen an upturn since the quieter trading period during Ramadan. Aldar Properties’ shares have climbed 8% over the same period, rising from a low of AED2.05 per share in mid August.
Meanwhile, Arab Heavy Industries, the joint stock company owned by the Ajman government, Al Futtaim Group and Singapore’s Keppel Group, announced it would hold its board of directors meeting on Wednesday. The company is a specialist contractor in ship repair, conversion, shipbuilding and steel fabrication services to the marine, offshore and engineering industries.
Managed by Keppel, the company posted net profits of AED7.15 million for the first quarter, down 73%.