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Discuss this article (0 Comments)Drake & Scull International buys back 8m shares
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 15 September 2009
BUYBACK PLAN: Dubai listed Drake & Scull on Tuesday announced it had bought back eight million shares this week. (Getty Images)
Dubai contractor Drake & Scull International said on Tuesday it had bought back 8 million shares this week after temporarily halting its share buyback programme.
"Drake & Scull International has bought back 8 million shares this week after temporarily halting its share buyback while announcing its Q2 results," it said in a statement.
It said the halt was in keeping with regulations which stipulate that no listed company may buy back shares two weeks prior and three days following announcing financial results.
Drake began buying back its own shares on May 31 as part of a plan to repurchase 10 percent of its own shares. As of September 15, DSI has bought back more than 30 million shares.
DSI CEO Khaldoun Tabari described the buyback as "an investment in the company's own growth which adds great value to the company, as well as its existing and future investors".
The firm's shares closed 1.1 percent higher at 0.93 dirhams a share earlier on Tuesday, and have risen nearly 10 percent since its first trade in March when it listed on the Dubai Financial Market. (Reuters)
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