SINGAPORE (Nov 12): Shares of many local property companies are trading at 52-week lows, weighed down by factors such as higher interest rates, the unexpected July property cooling measures and a general downtrend in the stock market.
Roxy-Pacific Holdings, which operates hotels on top of its property development business, has been suffering similarly. On Nov 2, executive chairman Teo Hong Lim bought 200,000 shares from the open market at an average price of 38 cents each, according to a filing with the Singapore Exchange on Nov 5.
Also on Nov 5, the company announced it had bought back another 144,100 shares. On Nov 1, the company had bought 200,000 shares; the following day, it bought 100,000 shares. The purchases on Nov 1, 2 and 5 were all at 38 cents each. Taking the Nov 5 buybacks into account, Roxy-Pacific had bought back nearly 7.83 million shares under the current mandate.