UAE regulator cancels Emaar buyback approval
Dubai, December 24, 2008
The UAE stock market regulator said on Wednesday it has cancelled Emaar Properties' 10 per cent share buyback licence after the firm failed to buy shares in time.
'The firm bought only 200,000 shares, or 0.003 percent of its capital,' the Securities and Commodities Authority said in a statement on the bourse website.
Emaar had applied in September to buy back up to 10 percent of its shares. Emaar was down 4.56 percent at 0630 GMT.-Reuters