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Mon 13 Oct 2008 01:42 PM

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Al Mazaya announces share buyback proposal

Real estate developer reveals plan to boost price after recent slump.

Dubai's Al Mazaya Holding said on Monday it was planning to buy back up to 10 percent of its shares to help boost their price after weeks of declines on Gulf Arab stock markets.

"We know that exchange prices for Al Mazaya shares don't reflect their true value, particularly since the company's profits are active revenues resulting from profitable investments and the development of major projects," said Khalid Esbaitah, managing director and chief executive of Al Mazaya.

"We are confident that the repurchase of these shares is a viable option and a strategic move that will support the company's future growth."

A number of firms have announced share buyback plans in recent weeks as Gulf Arab stocks, particularly those of real estate companies, have tumbled.

Stock markets around the world rebounded on Monday after a series of coordinated interest rate cuts and promises by governments bail out troubled firms helped to restore some confidence.

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