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
8.19
0.13 1.61 (%)
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
Saudi bank's $6bn IPO ignites religious controversy

Saudi bank's $6bn IPO ignites religious controversy

Plans by National Commercial Bank have prompted some clerics...

Petroleum producers shift attention from Middle East: Kemp

Petroleum producers shift attention from Middle East: Kemp

Following four decades of war, sanctions, nationalisation and...

1
Saudi Arabia accelerates reform push with market opening

Saudi Arabia accelerates reform push with market opening

Stock market move follows labour market reforms and a new mortgage...

Most Popular
Most Discussed