Hong Kong's Bank of East Asia proposes $372 million share buyback

The Bank of East Asia

28/01/2022 12:13

Jan 28 (Reuters) - Hong Kong's Bank of East Asia Ltd
 0023.HK  said on Friday it intends to buy back 8.43% of its
total issued shares worth HK$2.904 billion ($372.65 million)
owned by hedge fund Elliot Investment Management's affiliated
entities.
    The share buyback https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0128/2022012800929.pdf,
 which will be settled using the bank's internal resources, will
take place in an off-market transaction at a maximum of HK$11.78
per share, a 7.2% discount to its last close on Friday. 
    The share buyback would result in a 6% hike in the
consolidated net asset value per share attributable to its
shareholders, the Hong Kong-based lender said in a statement. 
    "This reinforces and builds upon the series of actions our 
management  team  has  taken  over  the  last  few  years  to 
strengthen operations, generate value creation opportunities, 
and  further  position the bank for growth and long-term
success," Adrian Li and Brian Li, Co-Chief Executives for the
bank said. 
    

($1 = 7.7929 Hong Kong dollars)

 (Reporting by Tejaswi Marthi in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Tejaswi.Marthi@thomsonreuters.com;))