The Business Times
business-time-50
MARK TO MARKET
·
SUBSCRIBERS

City Developments should explain how it will manage its buybacks as it grows its business

The group may face the dilemma of whether to use divestment proceeds to repurchase its depressed shares or acquire exciting new assets

google-preferred-sourceAdd BT as a preferred source
Ben Paul

Ben Paul

Published Mon, Mar 18, 2024 · 05:00 AM
    • CDL's existing share purchase mandate allows it to buy 10 per cent of its outstanding shares – which translates to more than 90 million shares.
    • CDL's existing share purchase mandate allows it to buy 10 per cent of its outstanding shares – which translates to more than 90 million shares. PHOTO: BLOOMBERG

    WHEN City Developments Limited (CDL) tumbled below S$6.00 last month, I thought it might be time to buy the stock.

    The company’s board and management evidently felt the same way. On Mar 8, CDL said it had initiated a share buyback programme.

    “Global equities have been hit by macroeconomic headwinds, resulting in depressed valuations. Our share buyback programme demonstrates our confidence in CDL’s strong fundamentals and growth potential,” said the company’s chief executive Sherman Kwek.

    City DevelopmentsCity Developments Ltd (CDL)Share buybacksSpotlight

    TRENDING NOW

    The Monetary Authority of Singapore said it is following up with the three Singapore entities to reinforce its expectations of conduct and compliance.

    Tiger Brokers, Moomoo, Longbridge Singapore units ‘financially independent’ amid China crackdown: MAS

    The departure of food manufacturing operations from Singapore may not necessarily be reason for concern.

    Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned

    KSL's Khoo Lee Feng says it is "not so much what you study, but how you learn".

    Johor property old hand KSL readies family handover amid market boom

    Nuclear power “is very much back in the conversation” in Asia, say industry observers.

    As India and China surge ahead with nuclear energy, all eyes on Asean’s next move

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More