OUE: Co. will be proposing a share purchase mandate to allow it to purchase its issued shares. Grp will be holding an EGM to seek shareholders' approval for the share buyback plan, where more details will be provided in its circular.
The proposed mandate follows Tue's move by Lippo Grp, the controlling shareholder of OUE, to unwind a derivative transaction that was said to have possibly caused mkt confusion and created a further overhang on OUE's share price. OUE however denied claims that the planned mandate is related to the announcement by its controlling shareholder.
Latest rating on grp was by CIMB yesterday, who maintained its O/p Call with $3.01 TP. Continue to expect catalysts from higher achieved rents and RevPAR, and more acquisitions.
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