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Dubai: Dubai's Emaar Properties, the largest Arab developer by market value, on Tuesday said that it had yet to begin its share buyback programme but would commence repurchases after posting its third-quarter profits.
Emaar, whose shares have lost over 50 per cent of their value this year, said last month that it would begin to buy back shares in October after securing the approval of the UAE stock market regulator.
Emaar shares ended 2.14 per cent lower yesterday, outperforming other real estate shares on speculation that it had begun the share buyback programme.
Real estate and banking shares have also tumbled across the Gulf Arab region.
"Companies cannot execute any share repurchase for the period starting from 15 days prior to the closing of the financial quarter until three days after the disclosure of its quarterly fin-ancial statements," an Emaar spokesman said.
"Emaar will follow the ... guidelines and ... will commence the share buyback three days after the disclosure of the quarterly financial results for the third quarter."
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