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Thu 22 Jan 2009 09:13 AM

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First Gulf Bank buys back 1.28mn shares at $1.92

Fresh move takes Gulf bank’s total buyout to eleven million shares to date.

First Gulf Bank bought back 1.28 million shares at 7.06 dirhams ($1.92) on Wednesday under a share buyback scheme, the Gulf state's stock market regulator said on Thursday.

In November, the bank won approval to buy back up to 10 percent of its shares within 12 months.

It has bought 11 million shares to date and Wednesday's purchase represented 0.09 percent, the Securities and Commodities Authority said in a statement on the bourse website.

Shares of First Gulf closed at 6.84 ($1.86) dirhams on Thursday. (Reuters)

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