CITY DEVELOPMENT LIMITED MASSIVE SHARES BUY BACK ! RNAV : $19.46

$CityDev(C09.SI)$  

CITY : C09 0% Developments Ltd (CDL) : C09 0% initiated share buybacks for its ordinary shares on the open market on Friday (Mar 8), citing its discounted share value as a reason.

The property developer picked up 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.

The average share price marked a discount of 43 per cent to the net asset value (NAV) of S$10.12 a share, and a discount of 70 per cent to revalued NAV per share of S$19.461 as at Dec 31, 2023, CDL noted in an after-market announcement on SGX

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