Aspen to seek mandate for share buybacks

ASPEN (Group) Holdings will propose and seek shareholders' approval for share buyback mandate, the property developer announced on Monday after the market closed.

Buying back its own shares will allow the company to manage and minimise the dilutive impact of its two existing share-based incentive schemes, the company said. It will also help to mitigate short-term market volatility, offset the effects of short-term speculation and bolster shareholders' confidence, according to the company's filing with the Singapore Exchange.

Aspen's shareholders will be asked to vote on the mandate at a general meeting.