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ENBD REIT buys back 25,000 shares

ENBD REIT buys back 25,000 shares
ENBD REIT
ENBDREIT
1.74% 0.35 0.01

Dubai – Mubasher: ENBD REIT (CEIC), a sharia-compliant real estate investment trust managed by Emirates NBD Asset Management, announced that it has purchased 25,000 shares as part of its buy-back programme.

The step comes along with ENBD REIT’s strategy to add value to shareholders holding equity at the current discounted share price level, a filing to the Dubai Financial Market (DFM).

ENBD REIT said that the buyback has been implemented at a price of AED 0.570 per share.

The share repurchase programme, which became effective as of 21 February, will continue until 30 September 2019, and the board has the right to suspend or terminate it before the deadline.

The programme also offers a level of protection to shareholders from disproportionate price movements, ENBD REIT noted, adding that around $3.5 million was allocated for the programme in a bid to facilitate the acquisition of 4.401 million shares.

It is worth noting that the buy-back programme will be kept on hold during ENBD REIT’s closed period, from 1 April until the announcement of its full-year results.

By 10:16 am UAE time, ENBD REIT’s stock remained stable at 78 fils.