Abu Dhabi, UAE; 2 February 2023: Eshraq Investments PJSC (“Eshraq” or “Company”) today announced that it has concluded the sale of 4 land plots in JVC for a total consideration of AED 48.55 million. The transactions are a continuation of the Company’s steady progress on its 3-year land monetization program.
Under the program, Eshraq has so far sold c. 28% of its existing land bank by book value with total sale consideration of AED 208 million., The Company remains in discussions with other parties regarding the sale or joint venture arrangements for other plots.
The Company has deployed part of the land sale proceeds to buy back the Company’s shares under the current buyback program. Eshraq has so far bought back c. 37 million shares since the buyback approval in August 2022 at an average price of AED 0.5073, generating an equity value of AED 15.78 million to its shareholders due to the purchase of shares at a discount to Eshraq’s book value.
Jassim Alseddiqi, Chairman of Eshraq Investments, said: “We are pleased to report continued progress on our land monetization program through direct sales and partnerships with prominent UAE developers. We remain committed to implementing the land monetization programme at terms that are accretive to our shareholders.”