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The buyback programme will not be implemented before October 1, 2008, in line with SCA's regulation that companies cannot execute any share repurchase 15 days prior to the closing of the financial quarter.
The repurchases will be made from time to time on the open market at prevailing market prices, through block trades or otherwise. Purchases may be started or stopped at any time without prior notice depending on market conditions and other factors. Emaar anticipates implementing this share repurchase programme in a manner consistent with market conditions and the interests of its shareholders. The company plans to fund the repurchases made under this programme from its available cash balance.
Mr. Mohamed Ali Alabbar, Chairman, Emaar Properties, characterised the buyback as a significant investment in the company's own growth and as an important enhancement to shareholder value, adding that analysts have highlighted the strong upward potential of Emaar shares.
Alabbar said:
"At Emaar, we firmly believe that there is no better investment we can make than in our own future. 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."
He added, "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."
"We remain extremely confident of our ability to realise our strategic Vision 2010, while also continuing to generate increased shareholder value. We believe that today's announcement, taken in the best interest of our shareholders and the company, will further support our global growth strategy," he concluded.
Emaar Properties recorded first-half 2008 net profits of Dhs3.315bn ($0.902bn), and revenue of Dhs8.203bn ($2.233bn). Domestic sales of its master-planned properties continue to be a prime driver for the company, which has expanded across 36 markets globally and into five other businesses, including education, healthcare, financial services, shopping malls and hospitality and leisure.
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Posted by Siba Sami Ammari
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