Nagacorp directors agree to share repurchases

Nagacorp’s board of directors has agreed in principle to use the company’s current share repurchase mandate, which was granted at the annual general meeting in April, to begin strategic repurchases of its own stock.

In a statement to the Hong Kong Stock Exchange, the company said directors believe the shares represent good investment value. Using the repurchase mandate to buy back stock “demonstrates the company’s confidence in its own business outlook and prospects,” it added.

However, it also warned that there is no assurance as to the timing, quantity or price of the repurchases, or indeed if they will happen all.

Nagacorp shares were suspended from trading ahead of the announcement of the buyback plan and are scheduled to resume on Friday.

Before the suspension the stock was up 1% at $5.68, near the bottom of the 52-week trading range of $5.42 - $8.80.

 

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