Hong Kong’s Bank Of East Asia Proposes $372M Share Buyback – Cryptovibes.com – Daily Cryptocurrency and FX News
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On January 28, Hong Kong’s Bank of East Asia Ltd said that it wants to buy back up to 8.43% of its total issued shares worth around HK$2.904 billion ($372.65 million). These shares are owned by hedge fund Elliott Investment Management’s affiliated entities.
The share buyback is scheduled to get settled using the bank’s internal resources. This process will take place in an off-market transaction at a maximum of HK$11.78 per share, which is a 7.2% discount to its last close on January 28.
Experts say that the share buyback would result in a 6% hike in the consolidated net asset value for every share attributable to its shareholders, as highlighted by the Hong Kong-based lender in its official statement. Adrian Li and Brian Li, Co-Chief Executives for the bank stated:
“This reinforces and builds upon the series of actions our management team has taken over the last few years to strengthen operations, generate value creation opportunities, and further position the bank for growth and long-term success.”
($1 = 7.7929 Hong Kong dollars)
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