Abu Dhabi's ADCB in $102m share buyback deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Abu Dhabi Commercial Bank, the UAE's third-largest lender by market value, has bought back shares worth AED377.2m ($102.7m), the latest stock buyback by the state-owned lender.

In total, 77.6 million shares - representing 1.387 percent of its total stock - were repurchased by the lender at a price of 4.86 dirhams each, ADCB said in a bourse filing on Thursday.

The purchase price was equivalent to a 5.6 percent discount to Tuesday's closing share price of 5.15 dirhams. The stock is trading just off the 59-month high achieved on June 20.

It is the second large buy back transaction which ADCB has completed since the regulator gave it permission in January to purchase up to 10 percent of its share capital: on May 2, the bank bought back stock worth 4.68 percent of share capital for AED1.15bn.

ADCB is due to report second-quarter earnings on July 22. In a Reuters poll, the average forecast of six analysts was for ADCB to post a 6.87 percent rise in net profit for the period.

Related:

Market Performance

Abu Dhabi Commercial Bank
7.97
0.05 0.63 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Risky business

Risky business

Libya’s stock market is one of the smallest in the Arab world...

'The gold rush is over'

'The gold rush is over'

Many blue chips are reviewing their emerging-market strategies...

Money talks for Gulf SWFs

Money talks for Gulf SWFs

The Gulf’s oil-rich sovereign wealth funds are seeking to increase...

2
Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams