Ananda Development has successfully completed the first transfer from its Mobi series of condominiums – and has also approved a THB500 million share buy back program.
The listed property company recently held a transfer event at its Ideo Mobi Sukhumvit building Tower A, close to BTS On Nut station. Ananda CEO Chanond Ruangkritya congratulated new residents and discussed their new condominium as well as pointing out many of the features.
He thanked contractors and staff who have worked so hard to make this early completion of the buildings possible, allowing owners to move in earlier than expected.
He said: “We’ve known since the IPO that our financial performance this year was dependent on finishing these buildings and transferring them in the fourth quarter. We know there has been a lot of scepticism about whether we could do it, so we are delighted to have begun transfers ahead of schedule in the third quarter.”
The event saw more than 70 customers arrive to inspect and accept transfer of their new homes, and is the first of a series of events between now and the end of the year as Ananda completes and transfers the four Ideo Mobi buildings it launched in early 2012.
In related news the company also announced that its Board of Directors gave approval for the company to buy back its own shares in the stock market. The amount approved for Treasury buybacks was THB500 million with the amount purchased not to exceed 10 percent of the outstanding shares.
Chief Financial Officer Muntana Aue-Kitkajorn, said: “The share repurchase program will improve the earnings per share and increase the amount of dividend per share for any future dividend program.”
Chanond added: “We know, and have informed analysts, that our Ideo Mobi buildings are completing ahead of schedule and that our sales of new launches have been strong. These positive increases in value are not reflected in the share price and thus it represents an opportunity for the company to repurchase its shares as a method of increasing shareholder value.”
Picture caption: The delighted first customer was Ms. Jutharat Bunjerd with Khun Chanond Ruangkritya, CEO of Ananda (left) and her husband (right).
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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