CDL paid $2.85m for 300,000 shares in inaugural buyback exercise

Submitted By:  Staff Reporter Case Study:  No A portion of it may be deployed for the firm's long-term incentive plans. City Development (CDL) made its inaugural share buyback exercise with 300,000 shares priced at $9.485 apiece which totalled $2.85m, an announcement revealed. The firm noted that the transaction was in accordance with CDL’s share purchase mandate renewed during their 55th annual general meeting on 25 April. According to the mandate, CDL has to buy back 300,000 shares at an average price of $9.485 which is a discount of 14.8% to the net asset value of $11.13 as of 30 June. read more