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HongKong Land Announces Share Buy Back
repurchased 165.7 million shares for a total consideration of US$295 million. The shares were acquired in accordance with the authority granted to the Company by shareholders in general meeting. The repurchased shares, which represent some 6.7% of the Company's issued share capital, will be cancelled.
Commenting on the transaction, Hongkong Land Chief Executive, Nicholas Sallnow-Smith, said, "This repurchase will improve the efficiency of the balance sheet and enhance both net asset value and earnings per share."
Hongkong Land is a leading property and infrastructure investment, management and
development group. The Company owns and manages some five million sq. ft of prime office and retail space in the heart of Hong Kong's Central business district. It is active primarily in Hong Kong, Mainland China and Singapore, and has a portfolio of property and infrastructure interests in other Asian cities. Hongkong Land employs some 700 people, has its primary share listing in London, and at end of 2000, reported
shareholders' funds in excess of US$6 billion. Hongkong Land is a member of the Jardine Matheson Group.