Kingston Properties begins share buy-back
Kingston Properties Limited, which trades under the symbol KPREIT, is buying back up to 0.75 per cent of its outstanding shares, valued at around $13 million.
The stock slipped to $5.07 on Friday, but hit a high of $11 over the last year.
It's the third time that Kingston Properties is doing a buy-back, having executed similar transactions in 2014 and then in 2016. The company disclosed that it already repurchased 2,400 shares on June 13. Based on the 322 million KPREIT shares in issue, the company is targeting some 2.415 million units for repurchase.
Kingston Properties is currently capitalised at $1.6 billion.