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HONG KONG, Sept 28, 2011 - (ACN Newswire) - Prosperity Investment Holdings Limited ("Prosperity Investment" or the "Company", SEHK: 0310) announced it repurchased shares of the Company from the market starting from yesterday (27 September 2011). As at market close today, the Company repurchased an aggregate a total of 5,410,000 shares at an average price of HK$0.317, representing 0.75% of the total issued shares. As at 31 August 2011, the Company's net asset value reached HK$0.46 per share, which is significantly higher than its stock closing price of HK$0.32 per share as at 27 September 2011. The share repurchase fully reflected the management's confidence on the future prospects of the Company's development.
Mr Cheng Hai Rong, Executive Chairman of Prosperity Investment said, "With a significant discount on current stock price relative to the net asset value of the Company, we have therefore decided to repurchase the Company shares. In the view of the changing market situation and the Company's future development, we shall continue to repurchase the Company shares at an appropriate time to reflect the intrinsic value of the Company."
Contact:
Strategic Financial Relations Limited
Heidi So
Tel: +852-2864 4826
Email: heidi.so@sprg.com.hk
Kent Lau
Tel: +852-2864 4870
Email: kent.lau@sprg.com.hk
Karen Tang
Tel: +852-2114 4951
Email: karen.tang@sprg.com.hk
Fax: +852-2527 1196
Website: www.sprg.com.hk
Topic: Repurchase of Stock
Source: Prosperity Investment Holdings
Sectors: Daily Finance
http://www.acnnewswire.com
From the Asia Corporate News Network
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