Hot stock: CDL rises 3.7% on share buyback exercise
Michelle Zhu
SHARES of City Developments (CDL) rose steadily on Monday (Mar 11) after the property developer announced it had initiated share buybacks for its ordinary shares on the open market.
As at 1.40 pm after the midday trading break, the counter gained as much as S$0.21 or 3.7 per cent to S$5.96 after 2.3 million of its securities changed hands.
It later eased to S$5.92 as at 2.14 pm, up S$0.17 or 3 per cent. CDL was the fifth most actively traded in terms of value with 2.6 million shares worth S$15.1 million transacted at the time.
No married deals took place in early trade, according to ShareInvestor data.
Last Friday, CDL cited its discounted share value as the reason for its share buybacks.
The property developer bought back 954,000 ordinary shares, or 0.11 per cent of its issued share capital, at an average price of S$5.75 a share for a total consideration of S$5.5 million.
The lowest price that CDL paid on the market was S$5.69, while the most that it forked out was S$5.78.
