Macau Legend bought 3.35 million shares of its own stock this week

David Chow’s firm has increased the pace of its share buy-backs

Hong-kong  listed Macau Legend Development has increased the pace of its share buy-backs, purchasing 39.91 million units of its own stock so far. The firm this week bought 3.35 million shares of its own stock for about HKD3.39 million (USD433,612), GGRAsia reported.
Billionaire David Chow’s
firm posted a 65.2 percent annual decline in share price in 2015, show data compiled by GGRAsia. Its stock was worth HKD2.93 per unit at the beginning of 2015. The stock ended the year at HKD1.02.
The latest announcement to the Hong Kong Stock Exchange on
Wednesday concerning a small tranche of common shares is part of an exercise that began in late August. Between August and late December, the firm bought about 97 million of its own shares, for an aggregate value of approximately HKD110.2 million, according to several regulatory filings.
The online source calculated that the company has spent more than HKD150 million buying its own shares since August.
The buy-back process started in August after the company reported it had slipped into the red in the first half of 2015. Macau Legend on August 19 reported a loss of HKD68.4 million for the first six months of 2015. It made a profit of HKD226.4 million in the prior-year period, the source added.