Tuesday, July 23, 2019
Martin Hennecke

Swire Properties eyes buyback
Swire Properties (1972) could buy back shares, but executives cannot reveal any plans in the works. The developer's annual meeting was held yesterday when a minority shareholder suggested buying back shares as their value was less than the net asset value.

Chairman Merlin Bingham Swire said the firm could buy back shares if that would benefit shareholders, but if it planned to do so that would be confidential as the regulator bans the release of such information.

He added that Swire Properties would focus on increasing profit and attracting investors to its shares. The share price decreased 1.42 percent yesterday to HK$31.3, but the annual report for last year showed net assets are worth HK$48 per share. Underlying net profit rose 30 percent to HK$10.15 billion last year, with a boost from selling an office building in Kowloon Bay.

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