OUE buys back 1.05m company shares for $1.7m

The group is aggressively raising its share value.

OUE Limited has been busy repurchasing company shares and has already gone into the open market eight times to buy some 1.05 million shares for $1.7 million. It is equivalent to an average price of $1.58 per share.

OCBC believes that these share buybacks are accretive to shareholders at currently undervalued share prices following inspiring sales at OUE Twin Peaks. This is thanks to the group’s marketing activities and deferred payment scheme implementation.

“These sales at OUE Twin Peaks will significantly reduce the risk in the group’s asset valuations, in our view, and we see long-term value in OUE shares at current levels,” OCBC said.

Strong sales at Twin Peaks are expected to continue through 2H16. The near completion of asset enhancement works at OUE Downtown is also likely to boost the group’s financials.