Up to 0.5% of the company’s shares being bought back

Real estate company Kingston Properties Limited (KPREIT) has indicated that it will be engaging in a buy back of some of its shares on the open market.

The company intends to buy-back up to 0.5 per cent of the company’s shares in issue for up to two years beginning on or about March 22. The Board of Directors has already authorised the buy-back following the expiration of 21 days from the date of its notice to the Jamaica Stock Exchange on March one.

Move seeks to enhance shareholder value

KPREIT has stated that, “the Board of Directors sees this use of capital as an opportunity to enhance shareholder value through the purchase, from time to time, of undervalued shares. The repurchase of the shares will be done using the company’s cash flows and will be conducted on the open market through the company’s stockbrokers.”

A fixed price for the repurchase will not be set. However, the price for the acquisition of the shares will be the market price at the time of repurchase. The n